There are innumerable companies that tout a Marketing Dashboard. The problem with all of them becomes obvious only after you begin to use their software; they are technology companies pushing a software application! What marketing needs is a marketing company that provides marketing technology solutions. Not something a CIO wants to hear.
The best marketing dash board example which is known by any one who has looked at marketing dashboards is the Charles Joseph Minard drawing of Napoleons army during the Russian campaign of 1812. The chart depicts Napoleons army marching from France to Moscow and its retreat back to France, during a two year period, all the time his army absorbing shockingly high losses.
As well known as the chart is to the presentation world, the information that it delivers, and more importantly the philosophical message the chart visually drives it has an effect that impacts any cognizant being. Yet why is it CMOs, CIOs, CEOs, CFOs are blind to effective, actionable, marketing dashboard? Most common reasons are:
Software developers, such as business intelligence (BI) have failed to clearly marry the media plan, media budget with customer analytics, product and financial data. However all the companies that produce BI software expound empty promises of marketing nirvana? Subsequently CMO, CIO and CFO are numb to these promises and have closed their mind because it really isnt real. Yet deep down CMOs earn and even lust for such a solution.
Lack of visionary leadership. This point has two components, the first is that the corporate leadership has fallen for some BI software’s pipe dreams and is now financially committed and is attempting to make something work that is never going to work. Their pride is on the line as well as their finances. The second is that tackling multi channel marketing project that includes measuring marketing’s return on investment (ROMI) is a mind numbing proposition. Especially when it involves forecasting, curve management and being able to optimized marketing across multiple channels.
Lack of a go-getter attitude. Ask any CMO and they can expound on the importance of marketing performance measurement ad nauseam. Break political correctness and ask them to show you their system and get ready to put up your dukes. I know this from personal experience, I am embarrassed to admit. This begs to ask the question why? The reasons are obtuse; a) financial limitation comes first to mind, b) there is a gap between boots on the ground experience and being a field marshal c) No CMO is going to measure their performance and then hang out the dirty laundry for their bosses and peer critiquing. Let face the facts, no self regulating organization has ever been self regulating. Some great examples are any state Bar Association, heck some of us dont have to look beyond the mirror, if you have to lose a couple pounds. (Yours truly included!)
Pride cometh before the fall I talk to CMOs all day and track their careers. Unfortunately, I am a bit jaded, towards the negative of course. The CMO who are customers 100% of the time they leave and organization they take me with them, and they have a life expectancy of five to seven years. That is huge stable stint especially when you compare it to the reality that the average shelf life of a CMO is two years. It is something to consider if your marriage and family relationships are important. The CMOs that don’t work with are the more Ivy League vein or up from the boot straps type and state, I am here because I am smart and creative. In fact I have had several say, to the effect, I don’t believe in measurement or technology, I thrive on gut feel! Well I track these CMOs careers too. They have a shelf life between 20 and 29 months right on the mark of the research on the web.
The aforementioned bullets make for great narrative; however there are some facts to back the swagger. There is a dated study published by Chief Marketer states that when it comes to marketing dashboards and marketing measurement roughly:
20% have remnants of marketing dashboards 55% have no marketing dashboards and dont intend on using one 13% have marketing dashboard in development pipeline 20% are considering a marketing dashboard 2% use one on a daily basis
In concluding Part 1, all the logic, reasons, and common sense aforementioned simply means that 1) marketing dashboards are an important and necessary step in getting a CMO to the next level of broader competency and creditable acceptance in the boardroom. However, the visceral reason a CMO is not pursuing a marketing dashboard is fear because they don’t have a councilor they can trust or successful model they can model and reference.