A new study commissioned jointly by the IPA and ISBA has found that only half of marketers currently have appropriate marketing metrics and measures in place, a situation compounded by an admission from 75% of marketers and 73% of agencies that short-term objectives take priority over concerns spanning 12 months or more.
This stems from the fact that a mere 14% of marketers strongly agree with the statement that they have signed off marketing plans and objectives for the long term, defined as being between one and three years.
These findings clash with the headline message from the report that marketers are aiming to improve their effectiveness cultures by 32% as early as 2020, elevating the current average rankings from a middling six out of 10 to eight out of 10 in the process.
At present over half of marketers rate their marketing effectiveness at six or below on the 10 point scale but an optimistic 61% are confident of attaining a two-point boost or greater within two years. As a result 75% expect to sit at 8 or above with a third expecting to top out at nine.
Libby Child, founding partner of Greengrass Consulting, who carried out the study, remarked: “The depth, detail and variety of responses highlight the complexity of the challenges facing marketers and their agencies as they strive to develop effective solutions, together, for the short and long term. There is certainly a will, but the way is not so easy.”
The study drew from responses gathered from 60 brands; 60 agencies; 100 marketers and finance professionals and 120 agency managers.
Earlier this year the IPA and ISBA collaborated to draw up a GDPR clause for client-agency contracts.