In commemoration of the inaugural #RunMarketing Awards, we sat down for a chat with Laura Patterson, Co-founder and President of VisionEdge Marketing.
Laura is among the first pioneers in Marketing Performance Management (MPM), which is what these awards are all about. Her expertise is deep: she’s been writing and researching on MPM for over 17 years. At VisionEdge, Laura helps executives implement MPM at companies such as Elsevier, Howden, Kennametal, Safe Systems, Southwest Airlines Cargo and TÜV SÜD.
Our interview with Laura helped pinpoint some of the benefits and results of MPM, and why excellence in MPM is something worth celebrating.
Let’s talk about results. You’ve helped a lot of companies bring MPM into their marketing organizations. What are the most typical results or benefits that you see?
Laura: Great question. I’ve seen three exceptionally consistent results among the companies with whom we’ve worked.
First is the ability to connect marketing’s efforts to the day-to-day work of the business. Simply put, MPM-enabled marketers understand their metrics and their impact.
That’s a game-changing ability. For marketers, it means moving from being ‘sales enablers’ (where the sales organization is marketing’s “client”) to being true value creators, where marketing and sales are partners or peers.
This is consistent with our research: we’ve found that companies who excel at MPM are two times better at measuring their contribution to the business than those who don’t. They’re also nearly three times better at making their impact on the business clear to their respective leadership teams.
Second, companies with an MPM mindset are far more sophisticated in their selection of metrics and their ability to establish customer-centric outcome-based performance targets.
Marketers need to go beyond simply measuring sales metrics such as conversions, velocity, and funnel metrics. If you only measure those things, you’re at best a sales enabler, or a campaign producer.
MPM is about more than tracking. It’s about creating value: helping the business be successful by finding customers, keeping them, and growing their value. It’s all about revenue growth.
VisionEdge Marketing research supports this too: On average, MPM-enabled companies see a 10-20% improvement in the entire “find, keep, grow” spectrum of a marketer’s job – including such factors as pipeline contribution, customer acquisition, share of wallet, customer retention, and customer loyalty.
Third, these companies have superior marketing plans. Their marketing plans aren’t static; they don’t just sit on the shelf.
When a company embraces MPM, they’re in a far better position to say why something is or isn’t part of the marketing plan, since they have a framework and methodology to evaluate the potential impact of any new marketing idea, and they’re crystal-clear on what the marketing organization is trying to accomplish.
What can MPM do for the careers of individual marketers?
Any time you can demonstrate how what you are doing is positively impacting the business and customers, you are positioning yourself for new opportunities.
MPM transforms people by equipping them to have more strategic conversations. It lets them evolve beyond being merely tacticians. The confidence and knowledge that MPM gives marketers gives them a “seat at the table”, which is incredibly powerful for one’s career.
Our most recent Annual Marketing Performance Management Benchmark Study reveals that on a scale of 1-10 (with 10 being high and 1 being low), MPM marketers score 6.9 and 7.0 on influence and credibility respectively compared to 5.4 for marketers who are laggards in the adoption of MPM.
Our last question is a fun one: imagine you had to explain the value of MPM using just one tweet (140 characters). What would you say?
Love this question. Given that MPM is one of our core competencies, we tweet about it often. One of our tweets that is a personal favorite is:
#MPM is all about value. Marketing’s value, customer value, business value, career value. #MarketingEffectiveness #MarketingROI
About Laura Patterson
Laura takes a practical, no-nonsense approach to proving and improving the value of Marketing. Laura began her 25+ year career in sales and had the great fortune of working across functions spanning customer relationship management and Marketing with a capital “M”. Today she is at the helm of VisionEdge Marketing, founded in 1999, and is recognized as one of the pioneers and authorities in the Marketing Performance Management (MPM) discipline. The company specializes in helping their customers apply data, metrics and proven world-class practices to improve Marketing effectiveness, deliver business impact, and enable better business decision-making. Laura and VisionEdge Marketing are all about making Marketing an engine of growth for organizations.
Laura’s contact info