Marketing ROI – What Are You Measuring?

We frequently meet with business owners and leaders who are unsure if their marketing campaign tactics are performing optimally. They have allocated a marketing budget and are expecting results. Should they give it more time or fire those tactics and try something new?

How do they know if it’s working?

Answering the question about the ROI (return on investment) of a marketing plan requires a more landscape view than a snapshot. We at First Impressions help our clients establish the goals of a marketing plan. This helps us measure what is working once that plan is underway.  

Research indicates that it takes anywhere from six to 13 touches before a would-be customer makes a buying decision. Finding the right combination of online and offline tactics that is effective as well as budget-friendly is key to good outcomes.  

The cost of generating and distributing the marketing campaign also needs to be factored in. Print has certain costs, but also has a shelf-life that online marketing doesn’t. External factors including the economy, seasonal trends or even weather conditions will impact the return from an executed marketing plan.

What many businesses overlook is the value that an acquired customer has over time. While the original sale is often calculated in the ROI, a returning customer is highly valuable to the long term success of a company.

In order to make proper measurements and necessary adjustments in any marketing strategy, we work with clients to establish clear goals and costs. By identifying specific actionable attainable steps, we are better able to measure the success of each one. Establishing clear costs in creative development, personnel, overhead and other factors helps calculate the ROI measurement.

By being clear-eyed and strategic in the fact-finding and decision making processes, businesses will be much better informed about the true cost of their marketing efforts. Spending time and money wisely is truly the best tactic in achieving a quality ROI.

Have a question about your marketing campaign? Let’s have a conversation.