In response CMOs are spending over a billion dollars on marketing measurement including building marketing measurement dashboards and pouring money on marketing attribution, mix and performance management software solutions. Without better transparency into marketing spend, it will be nearly impossible to put in place more sophisticated and popular measurement concepts like marketing performance management and marketing attribution. The Marketing Accountability Standards Board has defined a standard chart of accounts that represents the full breadth of owned, earned and paid marketing spend in the modern marketing mix. Organizations that create executive marketing performance dashboards and put in place marketing performance management software quickly run into a “garbage in and garbage out problem” when it comes to reporting on marketing spend. And maintaining a single source of truth for marketing spend to feed dashboards and marketing performance management systems.

Source: Forbes April 15, 2019 17:26 UTC