Study Finds Increased Collaboration Between Marketing and Finance
In their efforts to increase brand awareness and drive sales, marketers are still struggling to create accountability programs that effectively measure the impact of marketing efforts, according to a new study from the Association of National Advertisers (ANA) and Marketing Management Analytics (MMA). Although the majority of companies with a marketing accountability process tend to house this function within the marketing department, there is growing collaboration between marketing and finance. Overall, marketing accountability has a presence in nearly every company; however, a growing number of these programs are siloed within marketing departments. Forty-five (45) percent of respondents indicated that their accountability programs were based within the marketing group, a jump of 14 points over the prior year.
Despite accountability programs becoming more entrenched within marketing departments, this year's survey showed progress in improving the relationship between marketing and finance. Thirty-three percent reported "full cooperation and an open dialogue" in establishing metrics and methodologies for marketing ROI – up from twenty-two percent in 2007 – and nearly half of respondents found "some cooperation." Increasingly, participants in the survey said they believed that marketing and finance "speak with one voice" or "share common metrics."
Enterprises Must Create Separate Marketing Strategies for Generation Virtual
As community marketing continues to evolve, organizations can target “Generation Virtual” by providing socialization tools to customers and prospects depending on their purpose and the level of customer engagement, according to Gartner, Inc. Unlike previous generations, Generation Virtual (also known as Generation V) is not defined by age -- or gender, social demographic or geography -- but is based on demonstrated achievement, accomplishments and an increasing preference for the use of digital media channels to discover information, build knowledge and share insights. Gartner has identified four levels of engagement within Generation V:
Up to 3 percent of individuals will be creators, providing original content and can be advocates that promote your product and services.
Between 3 percent and 10 percent of individuals will be contributors, essentially followers, who add to the conversation, but don't initiate it.
Between 10 percent and 20 percent of individuals will be opportunists, who can further contributions regarding purchasing decisions.
Approximately 80 percent of individuals will be lurkers (and all users start as such), essentially spectators, who reap the rewards of online community input, but only absorb what is being communicated.
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