What’s the ROI (Return on Investment) of your marketing programs? Do you know how to find your marketing ROI? Are you able to track your marketing spend to an exact conversion to sale? Do you know how much it costs to get a new customer? To keep an existing customer? If you operate in retail, do you know how your marketing programs increase footfall, what the revenue per square foot of retail space you have, or the average revenue per visitor?
Marketing is far more than cute and creative communications. It’s as much about science and measurement than anything else. Great marketers are very much like scientists in a laboratory experimenting with various ideas and constantly testing, measuring, analyzing and reporting.
Even if you are a solopreneur, entrepreneur or small business where you are CEO, CKCO (Chief Kitchen Cleaning Officer) or marketing hobbyist, you need to know exactly how your marketing spends are impacting your business.
Marketing cannot be ‘spray and pray’ – where you dream up a cool idea, have it turned into a groovy looking communication and launch it to the masses. You then sit back and wait for the phone to ring. And… nothing happens.
Well the cool, groovy and creative marcom (Marketing Communications) is definitely the sexy part of marketing; however, the real work comes in the science of it.
If you are a marketer or have a marketer working for you, here is my checklist for improving your odds of growing your business through better marketing ROI measurement:
If you are a marketer that wants to make a mark in the world become a scientist. If you have a marketing team under you, become a scientist. What gets measured, gets done.
Robert Murray is a Vancouver, BC based Business Strategy Consultant, #1 Best Selling Author, and International Keynote Speaker. For further advice, insight and inspiration on how to unlock your inner leader, follow Robert on Twitter, LinkedIn, and Facebook.
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