New research reveals marketing leaders who quantify lifetime customer value more accurately are more likely to see a boost in marketing budgets
Marketing leaders who can demonstrate accurate measurement of the lifetime value of customers and the impact of marketing activities on customer retention are most likely to succeed as influencers and get bigger budgets, a new report found.
The Telsyte whitepaper, Digital Leaders use Customer Journey Maps to Guide Business Transformation, sponsored by SugarCRM, surveyed 255 CMOs, marketing directors and other marketing decision makers from Australia and New Zealand in organisations with more than 100 employees to understand their attitudes, experiences and budgeting consideration for the Australian financial year commencing July 2015.
It found marketers who stated that their teams “always measure the lifetime value of each customer” and “always measure the impact of marketing activities on customer retention”, on-average received a 16 per cent increase to their marketing budget year-on-year.
Marketers who said only “often measure the lifetime value of each customer” and “often measure the impact of marketing activities on customer retention”, reported just a 4 per cent and 2.4 per cent on average marketing budget increase, respectively.
Those marketers who said they don’t measure either the lifetime value or impact of marketing activities reported an unsurprising zero per cent increase in marketing budget. Alarmingly, the research showed a third or more organisations still do not measure customer experience, customer lifetime value or use personalised marketing.
The report also highlighted the true priority of customer journey maps in today’s marketing mix. While a majority 75 per cent of Australian and New Zealand marketers in large organisations said have customer journey maps, 45 per cent admitting they rarely use them.
According to Telsyte managing director, Foad Fadaghi, marketers most skilled at measurement are being elevated in many organisations with both better funding and typically more stature.
“The CEO of the future will be data driven, and measuring, understanding and communicating customer data and insights is a critical part of this,” he said.
Follow CMO on Twitter: @CMOAustralia, take part in the CMO conversation on LinkedIn: CMO ANZ, join us on Facebook: https://www.facebook.com/CMOAustralia, or check us out on Google+: google.com/+CmoAu
This year’s Cannes Lions program is packed full of data, robots, algorithms, voice technology, blockchain, virtual reality, artificial intelligence and machine creativity. But I’m just as interested in more subtle trends and insights.
Customer experience is eclipsing product as a competitive differentiator. CMOs are recognising this shift and talking the talk. But are they also walking the walk?
Much of the talk in the industry is focused on the limited amount of time that screens have left in our lives.
In this bonus last episode of this new podcast series, BrandHook MD, Pip Stocks, talks with former ANZ group general manager of marketing, Louise Eyres, talks about the importance of thinking like a customer and using intuition to solve customer painpoints.
When you use the web daily you really need to think about the safety online. You post all kids of information in the net, your personal i...
Birdie Wyatt
ADMA launches education program to tackle viewability, ad fraud and brand safety
You're suggesting that Taylor Swift is a non-brand because we don't know who she votes for, and then you suggest developing brand stories...
Brian 't Hart
Why Gartner thinks brands are too uptight about strategy
Indeed this is the great article but i will love to recommend you to read the case study of Walamrt for get the more and more customers. ...
Eva Buttler
5 steps to customer intelligence success
here is the good news now you can find the all adobe products at walmart .. read this news here at https://creditcardsfair.com/
Yasir Abbas
Adobe: Tech architecture, talent stopping companies making the experience shift
Google is more like a utility. Does a road have a brand? No. Do we use it daily? Of course! And the idea of Taylor Swift as an unbrand be...
Davy Adams
Why Gartner thinks brands are too uptight about strategy