Gauging marketing's Return on Investment fundamental for management
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 have good metrics and a clear idea of the effectiveness or other areas of their spend. For instasnce, partnerships and consultancies are often rigorous in their keeping of timesheets and measuring billable hours, for instance.Similarly most businesses have sales 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, for instance, 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 quickly ascertain if your marketing spend is effective or not ...rather than simply relying on gut feel and faith.
Our blogs in this measuring marketing ROI series include:
- Is my website generating an ROI?
- Is my PR working?
- Is my email marketing working? (coming soon)
- Are my events worthwhile? (coming soon)
- Are our newsletters and content effective ? (coming soon)
- Is my marketing function generating a good ROI ? (coming soon)
We'll be adding the others in the coming weeks. Click here to subscribe to so you don't miss them!