Demonstrating return on investment to the rest of the board is a key concern for marketing leaders.

With the advancement of digital marketing channels, previously unmeasurable activities now have an abundance of performance analytics associated with them. Additionally, CMOs often have P&L responsibility so need to put forward financial projections when forming budgets and demonstrate return on investment.

At a recent roundtable hosted by Marketing Week, industry experts discussed marketing effectiveness. The overarching theme was a need to be realistic about the balance between long term and short term goals. Ed Apsel, Executive Director of Fundraising and Marketing at Cancer Research UK comments “We all have five-year plans and three-year plans but everything is changing on an almost quarterly basis”.

Philip Mehl, former Head of Marketing EMEA for HSBC cites that with analytics and measurable activities there is a greater emphasis on short term returns. Conversely, he adds “there are CEOs that want to create a long-term legacy – they know they have inherited something and they want to pass it on, and they’re prepared to invest in things that can be measured but don’t deliver the immediate sales response.”

When recruiting a new CMO, we have seen that businesses often place the ability to measure and quantify the success of marketing activities as a fundamental quality needed in their next marketing leader. The balance between short and long term views should be kept in mind, however, as those marketing leaders that are successful in achieving their business objectives and driving a business forward are those that are adaptable and willing to accept change.

To see full coverage of the roundtable with all the topics that these marketing leaders saw as contributing to marketing effectiveness, click here:

https://www.marketingweek.com/2017/01/30/marketing-effectiveness-roundtable/