Ahead of the B2B Marketing Forum 2014, Shimon Ben Ayoun from SPOTONVISION spoke with Laura Patterson to discuss the relevance of B2B marketing. Laura’s career began twenty years ago in sales, and now she is a marketing consultant. Laura is a marketing pioneer, recognized as a leading authority in marketing measurement, performance, data, and analytics. She has helped numerous companies across various industries achieve competitive advantage by refining their marketing strategies. In this interview, Laura discusses how marketers can become serious discussion partners in the boardroom.
Why is the relevance of B2B marketing so important?
According to Laura, relevance in B2B marketing means demonstrating the real value that marketing brings to a business. Laura’s research shows that less than 10% of management teams use marketing data when making strategic decisions about markets, products, or clients. Marketing relevance must be communicated clearly to management for it to be recognized. Marketers should ensure that they provide actionable, strategic insights that directly align with business goals.
Is the data we collect relevant for management?
Laura explains, “Not all collected information is relevant for the management team.” Many marketers have invested in powerful tools that process data, but outputs such as click-through rates, followers, and likes may not provide actionable insights for management. “Metrics like followers or email open rates don’t provide enough insight for business decisions,” says Laura. Marketers need to package the data properly, making it directly relevant to management.
Should marketers take more responsibility for the end result?
“Yes,” says Laura. B2B marketing should align with business objectives.
“Only a small group of marketers are successfully applying this approach. It requires a new mindset and effort, but if marketers want to add real value to their organization, they must align their marketing strategies with business goals,” she explains.
How marketing can influence the boardroom in ‘best-in-class’ companies
In best-in-class companies, marketing plays a crucial role in the boardroom. The influence of marketing grows when companies:
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Align marketing activities with business objectives.
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Show a direct connection between marketing activities and business results.
Is marketing just a service department?
Laura: “Marketers must take more initiative to justify their budget and the results they deliver. Building relationships with departments like finance, IT, sales, and product development is key. Without collaboration, marketing risks remaining a powerless service provider producing only brochures, websites, and campaigns. Eventually, marketing budgets will face cuts.”
Want to learn more about performance management and metrics?
Join Laura Patterson at the B2B Marketing Forum 2014 on 13 March in Utrecht to learn how best-in-class companies use performance management and select the right metrics.