Proprietary study of building products marketers leads to valuable insights The digital evolution is here, bringing with it more sophisticated marketing channels and wealth of customer data. Meaning marketers in the BPM segment are under increased pressure to show impact. But BPMs are moving too slowly to respond, measurement is lagging and the industry is paying too much to acquire new customers.
Point To Point’s landmark proprietary benchmark study gives BPM marketers the data you need to make the decisions that will benefit your organization the most.
Using the data, you can tie strategy, budget, digital marketing and measurement together to offer you an approach that will give you an edge on your competition.
So how do you know where your organization stands? Are you doing enough? Too much? How much should you invest in marketing? How do you decide which channels to use? Which audiences to focus on? What data to measure?
Here is the first in a series of blogs that will help answer key questions that every BPM marketer should ask themselves.
This blog focuses on – How often should you revisit your marketing strategies?
The answer – anything less than quarterly is too slow and you risk missing market opportunities. Or worse than missing an opportunity, you bring forward a product or service you can’t fulfill and your brand is forever tarnished.
Think about how quickly the market has moved over the last 18-months as the BPM segment has responded to a global pandemic; natural disasters including floods, freezes, hurricanes and fires; a strong residential market, a cool commercial market; rising materials costs; a worsening labor shortage. If you review your marketing strategy with anything less than a quarterly cadence you are going to be out of sync with market demand.
But when we asked senior BPM executives how often their B2B marketing strategy is updated, 57% responded annually, biannually or longer. Only 43% answered that their review frequency is quarterly.
Even with larger organizations (those with $1B+ in revenue), only 49% are doing a quarterly marketing strategy review. Making the situation worse is a disconnect between marketing executives and managers & directors. 51% of marketing executives reported going through a quarterly marketing strategy review process, while only 32% of managers & directors reported their organization had a quarterly review in place.
This means there is a communication gap between the marketing executives and those delivering on the strategy. As the pace of business accelerates, internal communication is frequently overlooked but with significant consequences. If the managers & directors bringing the marketing strategy to market aren’t well informed the process is worthless and the opportunity will be missed.
Want to learn more?
Play-on-demand webinar and let’s talk
Along with our partners at AIA and Centro, we held a webinar to give the results and offer insights into the study. Access the recorded version of the webinar, Reimagining Building Materials Marketing for a New Economy to learn more about the key trends impacting BPMs and ideas on how you can influence your organization to respond to current market conditions.
Seek out expertise. You can connect with me now to discuss the results of the survey and how they apply to your brand. I’m here to help.