Do You Trust Your Marketing Metrics or Your Gut?
I have spent some quality time with a new client who is struggling with getting the C-Suite to recognize the value of marketing. Yes, it’s an old-line B2B company–how did you guess? They have a lot of data describing the success of marketing, but the C-Suite at their company would rather ascribe that to superior product or their go-getter sales team.
So, they asked us to do a competitive assessment of how much companies like them are spending on marketing. We found various studies and gleaned data from annual reports and we believe that the average is about eight percent of revenue spent on marketing. This client was spending less than a tenth of that. And we found many studies showing that higher marketing spending is correlated to higher revenue. Does that mean that it causes higher revenue? We can’t prove that, but maybe it is the way to bet.
Still, they weren’t sure that the C-Suite was going to accept the number. Did we compare apples to apples? Couldn’t their situation be different? Were some of those companies a lot bigger? We tried to explain that these were reasonable questions that might explain a 35% or 30% difference, but not a 90% difference.
But they know those are the questions they are going to get, so they are trying to prepare for them. The reason that they will get those questions is that their C-Suite has a history of going with their gut rather than the numbers–at least when it comes to marketing. (That’s the only way that you end up here, frankly.) Now, a new day might be coming, because they did decide to do this study, which provides some hope.
But in the end, every C-Suite executive needs to ask themselves whether they are smarter than the data. Because no one can change your mind on something you are sure you already know. You have to at least be a bit curious. A bit doubting of your own opinion. A bit open to the possibility that the world has changed.
If you are, you can model being data driven for everyone else. You can model changing your mind in the face of new information. You can model getting it right instead of being right. Ask yourself if your team doesn’t think that mere data will change your mind, and then ask yourself if you want them to be right.
Mike Moran is an expert in digital marketing, especially content marketing areas, such as personalized websites, search, and social media. Mike also has a 40-year background in technology with a dozen US patents, specializing in machine learning, natural language processing (NLP), and other AI techniques, as well as search technology.
Mike serves as a senior strategist for Converseon, a leading social listening technology company based in New York City. He is also a senior strategist for SoloSegment, a site search and customer experience software company. Mike is also an executive consultant for the Consultant's Collective and a Program Director for the Conference Board. Mike currently serves as a member of the Board of Directors of SEMPO, is a Certified Speaking Professional (CSP) in the National Speaker's Association, and a Senior Fellow for the Society of New Communications Research.
Mike spent 30 years at IBM, rising to Distinguished Engineer, an executive-level technical position. Mike held various roles in his IBM career, including eight years at IBM’s customer-facing website, ibm.com, most recently as the Manager of ibm.com Web Experience, where he led 65 information architects, web designers, webmasters, programmers, and technical architects around the world.
Mike's newest book is Outside-In Marketing with James Mathewson, covering Big Data and Content Marketing. He is co-author of the best-selling Search Engine Marketing, Inc. (with fellow search marketing expert Bill Hunt), now in its Third Edition. Mike is also the author of the acclaimed Internet marketing book, Do It Wrong Quickly, named one of best business books of 2007 by the Miami Herald. Mike founded and writes for Biznology®, a daily blog devoted to digital marketing.
In addition to Mike’s broad technical background, he holds an Advanced Certificate in Market Management Practice from the Royal UK Charter Institute of Marketing and is a Visiting Lecturer at the University of Virginia’s Darden School of Business. He also teaches at Rutgers Business School and is a Distinguished Instructor at the University of California Irvine.
|Mike Moran is an expert in digital marketing, especially content marketing areas, such as personalized websites, search, and social media. Mike also has a 40-year background in technology with a dozen US patents, specializing in machine learning, natural language processing (NLP), and other AI techniques, as well as search technology.
Mike serves as a senior strategist for Converseon, a leading social listening technology company based in New York City. He is also a senior strategist for SoloSegment, a site search and customer experience software company. Mike is also an executive consultant for the Consultant's Collective and a Program Director for the Conference Board. Mike currently serves as a member of the Board of Directors of SEMPO, is a Certified Speaking Professional (CSP) in the National Speaker's Association, and a Senior Fellow for the Society of New Communications Research.
Mike spent 30 years at IBM, rising to Distinguished Engineer, an executive-level technical position. Mike held various roles in his IBM career, including eight years at IBM’s customer-facing website, ibm.com, most recently as the Manager of ibm.com Web Experience, where he led 65 information architects, web designers, webmasters, programmers, and technical architects around the world.
Mike's newest book is Outside-In Marketing with James Mathewson, covering Big Data and Content Marketing. He is co-author of the best-selling Search Engine Marketing, Inc. (with fellow search marketing expert Bill Hunt), now in its Third Edition. Mike is also the author of the acclaimed Internet marketing book, Do It Wrong Quickly, named one of best business books of 2007 by the Miami Herald. Mike founded and writes for Biznology®, a daily blog devoted to digital marketing.
In addition to Mike’s broad technical background, he holds an Advanced Certificate in Market Management Practice from the Royal UK Charter Institute of Marketing and is a Visiting Lecturer at the University of Virginia’s Darden School of Business. He also teaches at Rutgers Business School and is a Distinguished Instructor at the University of California Irvine.
|Mike Moran is an expert in digital marketing, especially content marketing areas, such as personalized websites, search, and social media. Mike also has a 40-year background in technology with a dozen US patents, specializing in machine learning, natural language processing (NLP), and other AI techniques, as well as search technology.
Mike serves as a senior strategist for Converseon, a leading social listening technology company based in New York City. He is also a senior strategist for SoloSegment, a site search and customer experience software company. Mike is also an executive consultant for the Consultant's Collective and a Program Director for the Conference Board. Mike currently serves as a member of the Board of Directors of SEMPO, is a Certified Speaking Professional (CSP) in the National Speaker's Association, and a Senior Fellow for the Society of New Communications Research.
Mike spent 30 years at IBM, rising to Distinguished Engineer, an executive-level technical position. Mike held various roles in his IBM career, including eight years at IBM’s customer-facing website, ibm.com, most recently as the Manager of ibm.com Web Experience, where he led 65 information architects, web designers, webmasters, programmers, and technical architects around the world.
Mike's newest book is Outside-In Marketing with James Mathewson, covering Big Data and Content Marketing. He is co-author of the best-selling Search Engine Marketing, Inc. (with fellow search marketing expert Bill Hunt), now in its Third Edition. Mike is also the author of the acclaimed Internet marketing book, Do It Wrong Quickly, named one of best business books of 2007 by the Miami Herald. Mike founded and writes for Biznology®, a daily blog devoted to digital marketing.
In addition to Mike’s broad technical background, he holds an Advanced Certificate in Market Management Practice from the Royal UK Charter Institute of Marketing and is a Visiting Lecturer at the University of Virginia’s Darden School of Business. He also teaches at Rutgers Business School and is a Distinguished Instructor at the University of California Irvine.
Mike serves as a senior strategist for Converseon, a leading social listening technology company based in New York City. He is also a senior strategist for SoloSegment, a site search and customer experience software company. Mike is also an executive consultant for the Consultant's Collective and a Program Director for the Conference Board. Mike currently serves as a member of the Board of Directors of SEMPO, is a Certified Speaking Professional (CSP) in the National Speaker's Association, and a Senior Fellow for the Society of New Communications Research.
Mike spent 30 years at IBM, rising to Distinguished Engineer, an executive-level technical position. Mike held various roles in his IBM career, including eight years at IBM’s customer-facing website, ibm.com, most recently as the Manager of ibm.com Web Experience, where he led 65 information architects, web designers, webmasters, programmers, and technical architects around the world.
Mike's newest book is Outside-In Marketing with James Mathewson, covering Big Data and Content Marketing. He is co-author of the best-selling Search Engine Marketing, Inc. (with fellow search marketing expert Bill Hunt), now in its Third Edition. Mike is also the author of the acclaimed Internet marketing book, Do It Wrong Quickly, named one of best business books of 2007 by the Miami Herald. Mike founded and writes for Biznology®, a daily blog devoted to digital marketing.
In addition to Mike’s broad technical background, he holds an Advanced Certificate in Market Management Practice from the Royal UK Charter Institute of Marketing and is a Visiting Lecturer at the University of Virginia’s Darden School of Business. He also teaches at Rutgers Business School and is a Distinguished Instructor at the University of California Irvine.
|Mike Moran is an expert in digital marketing, especially content marketing areas, such as personalized websites, search, and social media. Mike also has a 40-year background in technology with a dozen US patents, specializing in machine learning, natural language processing (NLP), and other AI techniques, as well as search technology.
Mike serves as a senior strategist for Converseon, a leading social listening technology company based in New York City. He is also a senior strategist for SoloSegment, a site search and customer experience software company. Mike is also an executive consultant for the Consultant's Collective and a Program Director for the Conference Board. Mike currently serves as a member of the Board of Directors of SEMPO, is a Certified Speaking Professional (CSP) in the National Speaker's Association, and a Senior Fellow for the Society of New Communications Research.
Mike spent 30 years at IBM, rising to Distinguished Engineer, an executive-level technical position. Mike held various roles in his IBM career, including eight years at IBM’s customer-facing website, ibm.com, most recently as the Manager of ibm.com Web Experience, where he led 65 information architects, web designers, webmasters, programmers, and technical architects around the world.
Mike's newest book is Outside-In Marketing with James Mathewson, covering Big Data and Content Marketing. He is co-author of the best-selling Search Engine Marketing, Inc. (with fellow search marketing expert Bill Hunt), now in its Third Edition. Mike is also the author of the acclaimed Internet marketing book, Do It Wrong Quickly, named one of best business books of 2007 by the Miami Herald. Mike founded and writes for Biznology®, a daily blog devoted to digital marketing.
In addition to Mike’s broad technical background, he holds an Advanced Certificate in Market Management Practice from the Royal UK Charter Institute of Marketing and is a Visiting Lecturer at the University of Virginia’s Darden School of Business. He also teaches at Rutgers Business School and is a Distinguished Instructor at the University of California Irvine.
|Mike Moran is an expert in digital marketing, especially content marketing areas, such as personalized websites, search, and social media. Mike also has a 40-year background in technology with a dozen US patents, specializing in machine learning, natural language processing (NLP), and other AI techniques, as well as search technology.
Mike serves as a senior strategist for Converseon, a leading social listening technology company based in New York City. He is also a senior strategist for SoloSegment, a site search and customer experience software company. Mike is also an executive consultant for the Consultant's Collective and a Program Director for the Conference Board. Mike currently serves as a member of the Board of Directors of SEMPO, is a Certified Speaking Professional (CSP) in the National Speaker's Association, and a Senior Fellow for the Society of New Communications Research.
Mike spent 30 years at IBM, rising to Distinguished Engineer, an executive-level technical position. Mike held various roles in his IBM career, including eight years at IBM’s customer-facing website, ibm.com, most recently as the Manager of ibm.com Web Experience, where he led 65 information architects, web designers, webmasters, programmers, and technical architects around the world.
Mike's newest book is Outside-In Marketing with James Mathewson, covering Big Data and Content Marketing. He is co-author of the best-selling Search Engine Marketing, Inc. (with fellow search marketing expert Bill Hunt), now in its Third Edition. Mike is also the author of the acclaimed Internet marketing book, Do It Wrong Quickly, named one of best business books of 2007 by the Miami Herald. Mike founded and writes for Biznology®, a daily blog devoted to digital marketing.
In addition to Mike’s broad technical background, he holds an Advanced Certificate in Market Management Practice from the Royal UK Charter Institute of Marketing and is a Visiting Lecturer at the University of Virginia’s Darden School of Business. He also teaches at Rutgers Business School and is a Distinguished Instructor at the University of California Irvine.
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