Marketing ROI – Who Cares?
We could spend pages analyzing the reasons why it is so difficult to track marketing campaigns and determine return on investment on marketing dollars spent. Instead let’s just list a few key points to keep in mind when we work with our clients on marketing projects and campaigns:
- Recognize that even though many, if not most, clients do not track ROI on marketing plans and projects, they should do so in the best way possible.
- When we sell a program, obtain agreement as to how a program will be measured.
- Don’t over promise or create unreasonable expectations.
- Don’t assume that small businesses without dedicated marketing executives don’t care about value measurement. They may actually be more keyed into ROI than large companies since the owner is most likely involved in marketing decisions.
Finally, the study I mentioned found that 57 percent of the responding CMOs don’t establish their budgets according to ROI measures. Doesn’t that mean that 43 percent do? Those of us selling marketing campaigns would be well advised to always consider the ROI as an important part of the value promise we make to our customers.
Carl and his wife, Judy, owned and operated their own successful Allegra franchise for nearly 20 years before selling the $2.3 million operation in 2003. He is a PrintImage International/NAQP Honorary Lifetime Member and was inducted into NAPL’s prestigious Soderstrom Society in 2010 in recognition of his contribution to the industry.