The c-suite’s expectations for metrics is higher than ever, according to the latest study by ITSMA and VisionEdge.
The study (a survey of 380 American marketers called The Link Between Marketing Performance Management and Value Creation) reported 85% of its respondents said they are under increasing pressure to measure the value of marketing and its contribution to their business overall.
Those remaining mostly said expectations have stayed the same (14%). Only 1% of participating marketers said pressure to measure their efforts is decreasing.
According to ITSMA and VisionEdge, much of the demand for metrics is coming from CEOs and their leadership teams. More than half (60%) of the marketers surveyed said they are expected to report marketing metrics to their senior teams at least monthly, up 5% from last year.
Despite the demand for metrics, many marketers are still unsure of the impact their tactics are having. Just one in four (26%) of marketers surveyed said they are able to measure and report the contribution marketing makes to their business.
Meanwhile, 40% said they believe marketing made a difference but the contributions were not measured or reported.
The biggest reported challenge of measurement (40%) was implementing the formal processes needed to gather, handle, analyze and report large amounts of data. Another large challenge, according to 39% of marketers, is having access to data that is accurate and reliable.
ITSMA and VisionEdge conducted the survey in April 2014.