How To Decide If You Should Buy A Marketing Performance Management Platform – MarTech | Region & Cash

A Marketing Performance Management (MPM) platform uses statistical modeling and machine learning to holistically assess the performance of an organization’s marketing initiatives in terms of impact on the bottom line. It helps marketers allocate future expenses and align them with business goals.

Continue reading: What is Marketing Performance Management and how can it help you?

Choosing and implementing an MPM platform impacts every aspect of your marketing efforts and your business as a whole. To assess the suitability of an MPM for your organization, conduct a comprehensive assessment of business needs, staff skills, managerial support, and financial resources. Considering the following questions:

  1. How would we use a marketing performance management platform? What are the first problems we would solve with it?
  2. How do we currently manage our marketing campaigns? How many and which martech and adtech systems are used when running campaigns? Are you the “master” or dominant system?
  3. Are they connected somehow? On how many and which channels do we usually use campaigns? Depending on the complexity of your campaigns and the length of the typical purchase cycle you’re measuring, you may not need the advanced features that a dedicated marketing performance management solution offers.
  4. How do we currently analyze success? Is there a central analytics solution? How flexible is the system? Can we get actionable insights?
  5. How do we currently determine how much budget is allocated to marketing and how that spend is allocated internally and through media spend?
  6. Is your organization ready for a marketing performance management platform and ready to act on the insights gained through such a system? Do you have the human resources to take full advantage of the tool, or would you need to hire data analysts or train existing staff? Taking a more holistic view of your marketing spend and allocating it accordingly may not be compatible with a department divided into media-specific silos. It may require a fundamental reconfiguration of how human resources are deployed, potentially resulting in job cuts or the need for training.
  7. How do we define and evaluate the success of a marketing performance management system? A challenge with this type of system is that it requires resources that could otherwise be devoted to campaign management martech or ad tech. Although research suggests this will likely pay off, it’s important to determine how you’re measuring success.
  8. Do we have management buy-in? You will be much more successful if the C-suite is committed to adopting MPM across the enterprise.
  9. What is the total cost of ownership? Be sure to consider things like adding staff, training existing staff, and integration development costs.

The capabilities of MPMs make them very attractive to marketers. However, their cost and the additional resources required to operate them must be carefully considered when considering them. You also need to assess whether your business needs everything an MPM platform can do. If not, look for cheaper solutions to add to your existing stack. Finally, is your business able to get the most out of such a system? Do you have the personal and organizational orientation for this?

Download the MarTech Intelligence Report: Enterprise Marketing Performance Management Platforms: A Marketer’s Guide

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About the author

Pamela Parker is Research Director at Third Door Media’s content studio, where she works with Search Engine Land and MarTech to create MarTech Intelligence Reports and other in-depth content for digital marketers. Before taking on this role at TDM, she worked as Content Manager, Senior Editor and Executive Features Editor. Parker is a respected authority on the field of digital marketing and has been reporting and writing on the topic since its inception. A former executive editor of ClickZ, she has also worked on the business side, helping independent publishers monetize their websites at Federated Media Publishing. Parker earned a master’s degree in journalism from Columbia University.

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