When we meet with clients, we typically hear we want a model, a dashboard or performance reports. Sounds simple, build a report that shows performance of all marketing and sales channels. At the most basic level, linking revenue to the marketing spend that drove it.
Let’s assume you are a marketer who spends over $25 million on marketing annually and people can buy your product via retail, web or telesales channels. If you have a $25 million budget, then you are using multiple marketing channels – direct mail, direct response/alt media, interactive, mass media, sponsorships, etc, which also means you have multiple agencies, media plans and data sources. It also means you have a rather larger marketing supply-chain, illustrated below. Maybe you have moved past Excel for plan management or maybe not.
The performance report that seemed simple initially suddenly looks a bit more complex, we call this the “Marketing Iceberg Effect”. As the below iceberg illustration demonstrates, what is above the water looks manageable but when you look below the surface, you have a new appreciation and understanding of what is supporting the portion that is above the water, in this case models, reports and dashboards. Building the report or dashboard is the easy part, getting the right data from the numerous internal and external sources and standardizing processes so you can measure marketing is the true challenge.
If I am you, I thinking this iceberg could sink the Titanic. Sorry I could not resist the reference. Don’t panic. Upper Quadrant can get you that report that shows performance of all marketing and sales channels. We even have a strong partner who can build models to help optimize marketing across channels. We built UQube to move beyond marketing point solutions and to unify all the data related to measuring marketing with best practices overlaid. We made it simple, our solution requires no hardware or software and it some cases we do not even have to involve IT because a great of marketing data sits externally. We are talking deployments in weeks, not months because we are plugged into the marketing supply-chain. So, sit back and enjoy the atmosphere. Let us navigate the icebergs.