Why You Need a MPM Solution
Why You Need a MPM Solution
Take a quick survey:
A marketing performance management solution can bridge the gap between where your marketing is and where you want it to be.
Most organizations want to accomplish all of the above, but have room to improve. If your organization is like most, but has yet to implemented a marketing performance management (MPM) solution, the gap between where your organization is and its ideal state is larger than leadership would likely be comfortable with.
You need a cloud based MPM solution
To get your marketing organization from where it is to where you want to be, you need to get out of excel and into the cloud with an MPM solution. Here are 4 ways in which an MPM solution takes your marketing organization to a better state.
1.) Get C-suite support on your marketing proposals
Win support from the C-suite is won by first showing your support. Ask yourself; how familiar are you with enterprise goals? Does your team align its initiatives with enterprise goals? If the answers are not “very” and “yes” respectively, you have much room for improvement. You should be able to show how everything you execute supports an organizational goal set by the C-suite.
An MPM tool helps you do this by allowing you to organize your initiatives into an organizational hierarchy and capture the goals your initiatives align to. Once these goals have been established, you can execute supporting initiatives directly from your MPM solution. Contact me to learn how we can connect your marketing plans to your marketing execution by integrating your MPM tool to your MRM tool.
2.) Achieve visibility into your Return on Marketing Investment (ROMI)
How confident are you in providing the average conversion cost for your last campaign? How about a prediction for you next? Visibility into actual marketing spend for a given initiative allows you to not only understand the cost of your initiatives, but also the overall value of the marketing organization.
Yes, MPM can help you attain the support of the C-suite by helping you align your initiatives to corporate goals, but consider how much more support you can achieve when you also communicate how your initiatives impacted the bottom line.
3.) Achieve strategic marketing planning
Some organizations churn out the same campaigns period after period with little to no change in their strategy. Repeating campaigns is no crime – actually, it’s ideal in many ways. What should be considered a marketing crime however, is not applying learnings from the last campaign run to each future execution.
With an MPM tool, not only do you get access to ROI, you also get to use that information to plan smarter for the coming year. MPM tells you how much money you thought you would need, how much you actually needed under what conditions, what results you were able to yield, and ultimately where your dollars were best spent. MPM empowers you to make informed decisions for better outcomes – your execution will be more efficient and effective as a result.
4.) Be more proactive, and less reactive
Are you managing your budget or is your budget managing you? MPM puts the power of being proactive in the marketer’s hands. Armed with visibility into planned and forecasted budgets, and actual spend, you can plan for the scenarios of the future, play with best-case and worst-case scenarios, and manage your budget to the level of granularity you need.
Remember, you are the marketing expert, so why have you been working around dollars instead of working around a strategy that makes the dollars work for you? With an MPM solution, you can finally be more proactive than reactive – that is the kind of power you need to close the gap between where you are and where you want to be.