A new survey from WARC reveals that marketers worldwide (notably in the west) believe that 65% of their marketing spend had no discernible effect on consumers in 2007.
Here are some of the key findings reported in the article:
* 65% of all marketing spend in 2007 had no effect on consumers.
* Just one in ten of respondents have automated systems in place to track the effectiveness of their spend.
* Of the 55% of marketers who do track the results of their spending, 80% do so manually, spending hours capturing, compiling and analysing data.
* Questioned on strategy, 70% of marketers believe that short-term revenue-boosting and lead-generation campaigns are more important than
long-term intangible brand building (15%). A clear indication that marketers are under pressure more than ever before to generate results.
* Tracking marketing effectiveness topped the 2008 wish lists of 35% of marketers, and made the top three for 70%.
What does this all mean?
1. The time where bad products and services were able to be disguised behind clever marketing is running out fast
2. Marketing as messaging is ineffective
3. Marketers are trapped in a vicious negative feedback of ineffective campaigns and ineffective measurements - time to try something new.
2. Old school measurements (especially around new media) are increasingly irrelevant - there’s an urgent need to come up with new ways to track and measure the effectiveness of marketing BUT - see point 1.
4. Counting clicks or ads recall is easy. Measuring meaningful economic returns is not.
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