It used to be that marketing was more of an art than a science. You created some ads, developed some data sheets, sent some direct mail and did the same thing the next budget year. Not anymore. Yes, there’s still an element of art, but there’s more science to it now because expenditures need to track to strategies. What’s working and what isn’t can’t be left to conjecture anymore.
This is especially true for industrial companies where budgets are carefully determined and sales cycles are dependent on the nature of the products. C-level execs expect to see that budgets for marketing initiatives are moving the needle on sales. There has to be a return on marketing investment (Marketing ROI) and measuring and monitoring campaigns and tactics is the only way to get there.