A guest blog post from Brian Brownrigg, Managing Director at QuintoVate, a management consulting firm with broad experience in Marketing Operations and a singular focus on Marketing Performance. QuintoVate consultants strengthen the role of marketing by creating alignment and improving communication among marketing, finance, and IT.
Allocadia partners with QuintoVate to empower our customers to run best-in-class marketing organizations.
As marketing operations consultants, our customers engage with us with two mandates: 1) achieve new levels of efficiency and accountability within their organization, and 2) keep it as simple as possible. We love talking about efficiency, accountability, and new insights that a mature Marketing Performance Management (MPM) program brings to an organization. We work every day to help marketers find new ways of doing the daily, repetitive tasks and drive upwards of 25% more efficiency into the marketing budget. That means marketers can re-purpose those resources into doing more marketing.
So, How Do We Get There?
Not to oversimplify things, but for a great MPM program, marketers just need the right data. They need a platform to best analyze, track and back up decisions on that data, and processes to support it all. With disparate data from plans, spend and performance, marketers need an MPM platform to tie them all together so these data sources work harmoniously to offer new, rapid insights to marketers.
So why aren’t more organizations running effective MPM programs? Some primary reasons:
- “All my data comes from Finance.” And to make it more complex, Finance understandably gets a little leery of “their” data being used without proper controls. With a good Finance partner, waiting for spend or performance data seems like an OK option, even if it means waiting days or weeks to do a proper re-forecast and roll-up.
- “I haven’t built a business case/we don’t have budget.” It’s tough to quantify the value of an MPM program without the right solution in mind. Most organizations don’t realize the effort and investment is usually paid back within two years.
- “Change is hard.” People get comfortable with spreadsheets, even though they affectionately refer to it as “Excel Hell”. Without clear visibility to a better solution, old ways get set in stone, and without knowing where to start, that first step can be daunting.
- “I need leadership buy-in.” Even the loudest, most enthusiastic voices often get overlooked without a clear rationale and plan, and a sustained effort to recruit support. Executive buy-in is critical to transitioning Marketing into a center of investment excellence.
The Quintessential Health Check
From our experience working with both Finance and Marketing teams, we figured out long ago how to get the CMO, the CFO, and IT to work together. Over the years, we’ve translated that experience into the Quintessential Health Check to serve one key purpose: help our clients develop and communicate a clear path to high-maturity MPM based on a personalized assessment of current state and organizational objectives.
Every client engagement begins with a look at current state: what processes do the marketing teams operate under today; how are the teams organized; what technologies are used today; how does Marketing measure and report on success. We apply a tool called the Quintessential Health Check, an approach that assesses an organization’s state of readiness and most importantly quantifies the efficiencies and inefficiencies currently built-in to the program.
QuintoVate’s Quintessential Health Check looks at an organization’s maturity levels across seven unique spectrums. We assess and score. We help quantify the pain into dollars and show the opportunity costs associated with inefficiencies in process, organization structure, and technology.
This evaluation gives an in-depth analysis of questions regarding your MPM configuration and overall program including the following:
- Is your data ready? Finance has the numbers you want, so let’s partner with them and IT to make it available.
- Has leadership bought in? If not, how do you get them aligned and supportive?
- With your sights on technology improvements, what changes can you finally make to current processes?
Why is it important?
From there, we plot a path forward with specific actions to take and the timeline to reach higher / targeted levels maturity. The exercise and associated materials become important for you to take “on the road” to gather support and buy-in from all necessary stakeholders across the organization.
Not only does it provide you with tangible steps and timing, but each step along the way carries a “Value Achieved” factor that has a direct correlation to savings we can target within your marketing budget. This appeals to senior marketing and finance leadership alike, and gives you the compelling reasons you need to move away from manual, inefficient processes and focus on your marketing!
We know from practical, hands-on experience with our clients that managing the spend process in at the higher levels of maturity can drive 8-15% efficiency into the marketing budget. This does not become a cost-cutting exercise, however. We don’t take our 8-15% newly-found efficiencies and lower our headcount. Rather, we free up that spend to drive more resources toward campaign throughput, which in turn generates more leads and more revenue. It’s a great conversation for the CMO to have with the CFO and CEO.
It’s all about setting your sights on mature MPM, defining the path to get there, and moving toward a marketing system of record.
If you would like to hear more about the Quintessential Health Check, get in touch with us at firstname.lastname@example.org or call us at (402) 392-4017.