The Simple Path to Better Marketing: It’s Time to Collaborate and Measure Right
Marketing teams worldwide are doing okay, but "okay" isn't enough. A recent study by the WFA shows we can do much better if we focus on teamwork and measuring our success the right way. Here's a friendly guide to help us all step up our game:
Why This Matters
Getting better at marketing isn't just about flashy ads. It's about working together better and using the right tools to understand if what we're doing is actually working. Let's dig a bit into what the experts are saying.
The 'On-Site' model
In the 'On-Site model, often referred to as the 'In-House-Agency-as-a-Service' approach, external agencies play a pivotal role in both constructing and managing a company's in-house marketing operations. This collaborative model ensures the best of both worlds, with the expertise and flexibility of an external agency seamlessly integrated into the company's core functions. It's a strategic synergy that delivers heightened efficiency and impactful results.
Coupled with the 'On-Site' model, leveraging specialized and creative agencies for overall direction and creative concepts has been recognized as a winning strategy. According to a study conducted by the World Federation of Advertisers, this hybrid approach offers the best of both worlds. It allows companies to harness the focused expertise of specialized agencies for innovative creative concepts, while the 'On-Site' model ensures seamless execution and integration. This synergy not only drives effectiveness but also enables companies to adapt swiftly to evolving market dynamics, positioning them at the forefront of their industries.
What the Study Tells Us
The good news: we're pretty good at starting marketing activities. That part scored a 7 out of 10.
The not-so-good news: we're not great at measuring how well those activities work. That part only scored 5.8 out of 10.
Only 41% of us think we measure our marketing success properly. But for people who focus on insights and effectiveness, that number is even lower.
Over half of us admit that we focus too much on doing things efficiently, maybe because it's easier to measure than other things.
Surprisingly, only a small portion of teams use their tools to get timely insights, even though a larger portion believes this is happening.
How We Can Do Better
Focus on the Right Things: Let's not just rush to do things. First, understand what we want to achieve and how we'll know if we're successful.
Measure What Matters: We need to set up systems that help us understand both the immediate and long-term impacts of our activities.
Get the Right Tools: Investing in tools that give us detailed insights can help us be more effective in the long run.
Work Together Better: If we share insights and collaborate across teams, we can make decisions that are more in line with the company's goals.
Strengthen Our Teamwork: Let's work closely with other departments to understand and enhance our marketing effectiveness.
I'm sure you agree, we've got a clear path ahead to amplify our marketing efforts. It's time to roll up our sleeves and get cracking, don't you think?