Game Plan - How Can Marketers Face the Challenge of Managing Customer Value Metrics
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According to the CMO Council, customer analytics are the top priority among chief marketing officers. More than three out of five (62%) said their focus is on analyzing customer data to improve target marketing strategy (Mediaweek, June 6, 2010). Nearly half (46%) are investing in digital demand generation and online relationship building. And improved qualifying and tracking lead conversion was cited by 44% of CMOs. Strong data analysis means better customer-based decisions.
Organizations need a solid management information system to access knowledge about the market. Recognize that information is unique among the factors of production. It gains value through additional perspectives, as it is shared for a common purpose.
Marketing departments/CMOs are being held more accountable for their actions. Boardrooms are asking for the return on a marketing expense before approval. Perhaps we can chalk this up to economic pressures, as well as tighter restraints on corporations since the government’s involvement with the Troubled Asset Relief Program loans.
Weinstein, Art T. and Smith, Shane, "Game Plan - How Can Marketers Face the Challenge of Managing Customer Value Metrics" (2011). HCBE Faculty Articles. 683.