How do marketing teams measure their success? Since marketing encompasses so many functions, it can be difficult to get an accurate picture of performance.
Most marketing leaders rely on measurement — looking at current performance compared to goals and past performance.
But in a new ebook, 6sense CMO Latané Conant argues that marketing teams can gain a better sense of their achievements by incorporating benchmarking — bringing in a wider perspective by looking at performance compared to the overall industry.
Here’s a closer look at what’s in the ebook, Embrace Benchmarking to Discover How Your Marketing Stacks Up.
Look Outward to Evaluate Internal Achievement
“If you aspire to be a Chief Market Officer — i.e., the voice of the market within your company — benchmarking is essential,” Conant writes in the book. “Without it, you can’t accurately develop a market point of view.”
Looking at competitors and industry standards can bring perspective to your team’s work in a way that a narrow internal focus can’t. Consider these questions Conant poses:
- How is your team managing resources and time compared to similar companies?
- How is it managing those things compared to competitors?
- What is your organization missing out on, or excelling at?
What to Benchmark
Because marketing is so multifaceted and marketers busy in so many areas, Conant advises benchmarking in numerous ways as well. Some of the benchmarks she uses with her own team include:
- Comparative: How do you compare to direct competitors? Best-in-class companies? Organizations in the same general industry?
- Functional: Against any of those comparative standards, how does your team measure up in terms of content marketing? Events? Social media? Public relations?
After choosing which comparative and functional benchmarks you want to review, you can create a matrix to help you evaluate your team. Conant includes more details and examples in the free ebook.
Marketing Apples and Oranges
But benchmarking isn’t as simple as a direct comparison, Contant warns. “The first time I did this, I realized that my team of 20 marketers was dwarfed by our largest competitor, which had 63. That’s useful to know because it helped me see how much we were accomplishing with a much smaller team.”
The goal of benchmarking isn’t to aim to come out on top in every measurement. It’s to keep an eye on where you and your competitive and collegial companies are spending efforts, and what kind of results those are yielding.
Get the Full Story Now
Details on how Conant guides her team through their regular benchmarking exercises, what the results mean, and how to apply lessons learned are all in the free ebook, Embrace Benchmarking to Discover How Your Marketing Stacks Up.
Marketing leaders who are ready to take their teams to the next level can grab a copy now.