Gauging marketing's Return on Investment a fundamental many professional firms neglect
Many businesses we meet struggle to know whether the amount of time and money they spend on marketing is producing an effective return.
It is a common problem, but it needn't be this way.
By contrast, many B2B businesses, especially sales-led ones, have good metrics and a clear idea of the effectiveness of their marketing spend.
Partnerships and consultancies are often rigorous in their keeping of timesheets and measuring billable hours.
Yet often they completely fail to apply these rigours to their marketing and have little clue about its impact. Similarly most such businesses have sales or growth targets, but these are not the same as marketing metrics.
Having a good idea on your marketing's "return on investment" is pretty fundamental as, without it, you do not know whether you are spending effectively or whether investing more will boost growth.
In our experience many professional partnerships under-invest through not having a clear idea of what their marketing is doing... and their growth suffers as a consequence.
To help, we are creating a series of blogs looking at different aspects of marketing and providing a few thoughts how to start to ascertain if your marketing spend is effective or not ...rather than simply relying on gut feel and inaccurate assumptions.
Our blogs in this measuring marketing ROI series include:
- Is my website generating an ROI?
- Is my PR working?
- Is my email marketing working?
- Are my events worthwhile? (coming soon)
- Are our newsletters and content effective ? (coming soon)
- Is my marketing function generating a good ROI ? (coming soon)