An important trend taking place in the MarTech software sector has seen many best-in-breed software companies stepping back from the ‘services’ offered in their ‘full-service’ delivery packages, in favour of a license-oriented focus. And justifiably so; by focusing on their core strengths, they can outsource the marketing operations to services-focused companies that execute really, really well (i.e. companies that have spent years refining internal processes around functional planning and execution, evaluation and management of data, and around effective campaign and program measurement). This is at the same time as many CMOs plan to allocate very close to the same percentage of revenue to technology investments as their company CIOs have earmarked for IT, suggesting that more marketers are now catching on to the promise of bigger–better–faster–higher-converting data-driven platforms.
35% of respondents say the primary driver for working with on-demand sub-contractor firms and independent contractors is specialized skills that full-time or in house teams do not have, while 45% say it’s the core need to scale up to meet client demand. (Source: Mavenlink)
And, according to a recent study published by Ascend2, only 32% of companies surveyed fully utilize the marketing technology tools they have.
The end result: Marketing organizations are increasingly experiencing a skills and/or resource gap that makes it difficult for them to effectively execute against their marketing strategies, and contributes to unnecessary loss of campaign effectiveness and efficiencies (i.e., marketing waste).
Is your organization struggling to bridge the gap between developing effective marketing strategy and successfully implementing on those strategies? You’re not alone.
A recent survey (cited by AMA) revealed that CEOs are so concerned about strategy execution that they rated it as both their #1 and #2 most challenging issues. In fact, based on further industry research, marketers have been struggling with this same issue for many years now, and they still haven’t found a viable ongoing solution: According to the Harvard Business Review, as much as half of clients’ strategies’ potential value is lost due to the ineffective translation of a marketing strategy through to execution, while an article in Fortune Magazine suggests that “less than 10% of strategies effectively formulated are effectively executed.”
Less than 10% of strategies effectively formulated are effectively executed. This means that the 10% of organizations that do effectively execute their strategy have a competitive advantage.” (Source: R. Charan and G. Colvin, “Why CEOs fail,” Fortune Magazine, June 1999)
As Mavenlink states, “We have entered into a new, services-driven economy… [where the] customer demands… speed of delivery, quality, and specialization of services,” all results of solid, customer-focused strategy that’s executed flawlessly across the multiple touchpoints of consumers’ daily lives—in other words, seamless delivery of Strategy-to-Execution. It stands to reason, then, that those companies that can take their strategic visions through to successful execution will have a tremendous competitive advantage in the marketplace.
At the end of the day, where your marketing group nets out in the Strategy-to-Execution (S2E) game is measured by your ability to successfully transition your marketing strategies into effective campaign and program executions, eliminating marketing waste and maximizing ROMI, or more simply put, getting bigger bang for your marketing bucks.
Are you serious about making big strides in your strategic execution in the year ahead? We’re the partner to make it happen—our S2E methodology is centred around successfully transitioning our clients’ marketing strategies into effective campaign and program execution. Contact us today to get started.
Posted September 18, 2016
Posted September 15, 2017