Red Ten NYC Study Reports 4 out of 5 Marketing Agencies Spend More Time on Strategy than Reporting Results
A study conducted by Red Ten NYC shows that the average marketer spends 60% of their day formulating strategy, 15% on implementation, 12% on reporting data and the remainder on ‘miscellaneous’ activities.
Wall Street based outsourcing firm, Red Ten NYC conducted a 6 month study that indicates the average Marketing agency in the state of New York spend more time devising strategies than the actual implementation of a campaign or analysis of data. ‘This is concerning as strategy should revolve around desired results, not the plan itself. A marketing plan must be measured by the results it produces. The implementation of a strategy is much more important than its brilliant ideas or massive market research’ claims a source at Red Ten NYC.
The American Marketing Association defines marketing as “the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Red Ten NYC outline a marketing strategy is shaped by the overall business goals, therefore, assuming the end goal is to generate sales – results must be measured.
The study by Red Ten NYC indicates that each day the typical marketer spends:
- up to 2 hours a day in meetings discussing plans for promotions and advertising or planning proposals
- up to 2 hours a day conducting research; pricing strategies
- up to 1.5 hours a day preparing & sending emails/proposals out to Clients
- up to 1 hour per day updating reports or analysing campaign data
The marketing strategy provides the goals for a marketing plan. To understand if that marketing plan has been effective, results must be reported and the return on investment understood. Following the results of their study, Red Ten NYC hope to see New York Marketing Agencies review the schedules of their employees and place a bigger focus on understanding where their results are coming from.
Throughout 2013, Red Ten NYC plan to double their client base. Outstanding results from their 2012 outsourced marketing campaigns should prove a successful selling proposition. Currently situated in New York City the company will see their second US location open in Los Angles in mid-2013.
*Study was conducted by interviewing outsourced direct marketing and sales firms between April –September 2012.