If someone said to you today, "Dump your marketing; it isn't worth it," would you pull up the truck, throw everything in, and take it to the dumpster?
"Only 1 in 5 marketers earns top marks from the C-Suite for their ability to prove their value and contribution," according to the 2015 Marketing Performance Management Study. The 2015 research is the result of a joint effort by VisionEdge Marketing and Demand Metric.
This study is outside of the AEC industry, but it does give us pause for thought as we consider our industry's indicators for marketing and business development performance.
QUESTION: Is your AEC marketing program valuable to your firm's goals? Is it "Best-in-Class?" Does it support the pursuit of AEC revenue and your firm's vision, mission, goals, and objectives?
According to the 2015 study, "Best-in-Class (BIC) marketers who excel:
"As a result of their approach and performance management competencies, at least 55% of the BIC marketers improved their ability to impact four business performance indicators:
QUESTION: Does your marketing support improvements for your firm's win rate, pipeline value, client retention, and new client acquisition?
According to Laura Patterson, president, VisionEdge Marketing, "The BIC marketers are outdistancing their colleagues not because they have more time, are any smarter or have more money, but because they see the value in making performance measurement a priority and invest in techniques and talent to accelerate their efforts."
QUESTION: How does your AEC marketing program match up to these statistics and strategies?
The article goes on to define types of marketers:
PS "Only one third of the Campaign Producers have well-defined and documented plans for improving performance management and business impact compared to almost three fourths of Value Creators." At Red Hound Studios, we know: "What you can measure, you can improve!"
According to Jerry Rackley, chief analyst with Demand Metric, "Despite the steady pressure on all marketing organizations to measure and prove their contribution, the gap between Best-in-Class marketing organizations and all others is widening. One of the reasons is simply what these organizations understand about the businesses they serve. It's impossible to understate the importance of business acumen. When marketers [and business developers] understand how a business works, they are able to participate in and contribute to all aspects of how that business creates value."
The article continues, "Best-in-Class marketers are not only maintaining their lead over the rest of the marketing field, but widening it by focusing on four strategic areas:
1. Business acumen
2. Customer [and market] knowledge
3. Data and analytics-based strategy
4. Performance-based marketing plans"
CONCLUSION: Don't dump your marketing! It's a valuable component of your business! Instead, make it into a Best-in-Class marketing organization. Shift your thinking and your approach, align your marketing and business development, and remember:
Everything in AEC business development, marketing, and public relations must connect to the bottom line and support the firm's vision, mission, goals, and objectives.
Watch for next week's blog post on defining Best-in-Class AEC business development and marketing. When you're ready to implement Best-in-Class strategies and plans that are based upon proven results, give us a call at Red Hound Studios. +1-720-346-8331.
For a free copy of the 2015 report summary (http://www.visionedgemarketing.com/2015-mpm-study-abbreviated/) is available on either the Demand Metric (http://www.demandmetric.com) or VisionEdge Marketing (http://www.visionedgemarketing.com) websites.
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Friday Chow is posted weekly, or thereabouts, to provide you with insights and considerations for AEC sales and marketing. Good stuff to feed your revenue engine!
When you're ready to improve your business development, marketing, and client relations programs, contact Red Hound Studios at firstname.lastname@example.org