Article by Oracle Cloud
Business fortune is no longer measured by sales alone. We’re moving beyond financial tallying, particularly when it comes to charting progress. And marketing metrics seem to be the most valued: our latest research shows customer experience and satisfaction is now the top KPI for innovation-driven growth, across all departments.
But despite this, marketing isn’t recognised as having a significant role in the conversation. In fact, the marketing team is the second lowest ranked overall when it comes to which departments own innovation.
If marketing teams want to prove their value to innovation-driven organisations, then measuring, predicting, and growing their contribution should top the priority list. And it seems they’re aware of this, as ‘using data to improve performance’ is the top area where marketers hope to innovate. However, there’s a 10% gap between their aspirations and what’s actually being done.
Could IT be the team that helps to close this gap?
Harmony with IT
The marketing department’s reliance on technology is only growing. Global marketing IT spend is predicted to grow 7.3% year on year until 2021, with much of this likely due to expanding responsibility for the customer relationship, from first contact to loyalty, market insights, and beyond.
But marketers still don’t see the IT team as an innovation partner, ranking IT as the second least important department when it comes to owning the innovation agenda. And this despite the fact that marketers often suffer from technology clutter.
Marketers have adopted different solutions, systems, and tools over time, each addressing specific needs – and they need IT’s consultancy and best practice guidance to help cut this complexity, improve data flow, and drive better analysis and targeting. If they were to work more closely together, they could de-clutter, consolidate and integrate to get more out of their tools, whilst helping IT boost their own leadership position in the innovation agenda.
Metrics, tools, innovation
Tracking the right metrics undoubtedly supports innovation and growth, but without the tools to act, it isn’t enough. And marketers report that the most common barrier to getting new products or services to market is a lack of technology that enables execution and delivery.
With streamlined tools – that track the right metrics – marketing teams could move faster and be more innovative, all while helping their organisation to grow and beat the competition at the same time.
Read our full report on how marketing teams feel about innovation – and what they’re doing to encourage it – here.