Delivering a return on investment (ROI) should always be Marketing’s primary objective.
It’s an accepted requirement that we at Rushford Hudson are continually focused on!
The point being, if you cannot demonstrate value, then why would anyone want to keep using your services.
Failing to deliver is why, so often, CFO’s and FD’s see Marketing ONLY as an expense – and NOT an investment!!
However, for any business wanting to get a return on their Marketing ROI there is a fundamental challenge.
This is because marketing has fragmented, with so many specialists virtually competing, rather than working together. That means that it is nigh on impossible for many businesses to gain any knowledge of their marketing ROI – because nothing is able to work in concert to produce a collective result. It is an ongoing problem.
Developing a ROI starts with understanding your whole target audience engagement process.
That means capturing every touch point you have with suspects, prospects and customers, via whatever online/offline marketing activity, through to sales engagement.
Then you should monitor the sales process through to close of sale. Such measurement factors include the number of meetings per sale, the close ratios and average order value and these are hugely important because they often say more about the quality of the marketing leads than sales skills. That is why every interaction should be captured and measured against predetermined key performance indicators (KPI’s) for analysis and regular Reports provided.
That is the only way you can continually improve all your processes to ensure optimum ROI.
Why? Well, if you know what is happening, you can control it, ensure no mistakes are repeated and keep the focus always upon maximising results.
Then you will get a return on your Marketing ROI. And can then just keep on improving it.
Want to know more? Just get in touch.