Interesting Marketing Study from Columbia Business School
I recently came across an interesting study out of Columbia's Center for Global Brand Leadership that was done in conjunction with the New York AMA Chapter. I have attached it here for your reference.
While the study focuses on larger organizations that your typical accounting firm, there are certainly lessons and insights that apply to accounting marketers. Interestingly:
- 85% of large corporations are now using social network accounts (e.g. brand accounts on Facebook, Twitter, Google+, Foursquare) as a marketing tool
- 65% of marketers said that comparing the effectiveness of marketing across different digital media is “a major challenge” for their business
- 37% of respondents did not include any mention of financial outcomes when asked to define what “marketing ROI” meant for their own organization
- 57% are not basing their marketing budgets on any ROI analysis
- 22% are using brand awareness as their sole measure to evaluate their marketing spend
As professional marketers, aren't we on a slippery slope if we're not tying outcomes and budgets to financial ROI? The last three bullets above are staggering to me.
Enjoy the article, and feel free to opine below. I'd welcome the opportunity to discuss this with all of you!
Download Attachment (2012-BRITE-NYAMA-Marketing-ROI-Study.pdf)