Plenty of companies measure their marketing activities, yet too often, they don’t make the most of it. Their measurement does not lead to useful actions or inform important strategic decisions. When one team optimizes for website traffic and another for in-store foot traffic, but do not communicate with each other, the company will end up with a disjointed marketing strategy or investments in the wrong audiences or metrics. Marketing leaders, by contrast, focus on measuring the entire customer journey, using automation at each stage of the journey and breaking down walls between teams. Analysis by Bain & Company, in collaboration with Google, found that the 100 most mature companies in terms of measurement are four times more likely than the 100 least mature companies to exceed their business goals, grow revenue and gain market share.
Wendy Grad is an expert vice president with ADAPT, Bain’s Advanced Digital and Product Team, and she is based in San Francisco. John Grudnowski is an expert vice president with Bain’s Digital and Customer Strategy & Marketing practices, and he is based in Minneapolis.
Leading CMOs make measurement the centerpiece of their growth strategy.