Measuring Marketing ROI Part 4 – Not “ROMI Made Easy”

Continuing a series of blogs on Measuring Marketing Return on Investment (ROI):

Measuring Marketing ROI – Why Marketing is Not an Expense
Measuring Marketing ROI Part 2 – Tips to Overcome Challenges
Measuring Marketing ROI Part 3 – Developing ROMI Revenue Metrics

Activity Metrics: Measuring the Marketing Details

Executive management may or not may not want to hear the details about which programs or campaigns deliver the best results, but your marketing team certainly does. After all, your day-to-day program execution – everything from email and social media to webinars and web site traffic – provides the insights that ultimately drives your strategic revenue-building efforts.

The metrics that you can extract from email campaigns, web analytics, webinar attendance and other sources are too numerous to go into here. Since websites are such a crossroads and anchor of many other marketing programs, I’ll look at some website metrics. But first, there are some general Activity Metrics measurement criteria that you can use:

Benchmarking Metrics

Marketers track a wide variety of day-to-day program activities because they are easy to measure. These include benchmarks such as:

  • Email marketing and enewsletter open, click-through and response rates
  • Web site visits and page views
  • Content asset downloads such as white papers or published news stories
  • Web site form completion and abandonment rates

These numbers can be very useful. If your email open rates begin declining from the historical rates you’ve previously captured, then it’s time to examine your email campaigns for potential problems. The same is true for web analytics, especially when you compare current data versus historical trends for page popularity and page abandonment rates.

Social media mentions, connections, “likes” and conversations are similar to other softer benchmarking metrics; you’re often comparing your metrics against your own historical data and searching for trends.

The key here, as with benchmarking metrics, is not to confuse social media success with bottom-line impact. It’s one thing to celebrate a record number of Twitter followers; it’s quite another to demonstrate just how those followers convert into leads, opportunities and revenue for an organization.

Measuring Your Brand Power

Back when I first got into marketing in the mid-90s, Chick-fil-A started their campaign “Eat Mor Chickin.” I remember driving on a highway in Atlanta with my new boss and remarking on this billboard and how clever I thought it was. I’ll never forget his response, “Does it make you want to go eat at Chick-fil-A?” He then explained the difference in branding and call to action advertising. In the previous blogs, we’ve talked about call-to-action. Measuring branding is a lot more challenging.

Your marketing investment seeks to accomplish two main goals: grow sales and build customer perceptions of quality service and best-in-class expertise in your brand.

But how do you measure the brand power of your marketing programs in the marketplace? Continue reading

Marketing is Marketing… Or Is It?

I was sitting in a diner eating breakfast last week with someone who was interested in helping me find my next full-time job when he asked, “I know marketing is marketing, but what industry is your specialty?”

I paused.

And before I gave my answer, I started to have a debate in my head, after being asked versions of that question from potential clients and hiring managers throughout my marketing career. Is marketing the same no matter the industry? Do you need industry experience to be successful in marketing?

The answer is yes and no.

For companies who are seeking individual candidates or third-party vendors, I understand the desire to have a person or firm that knows their industry inside and out. And, I have lost out to others with more industry knowledge, both as an individual and as a firm. But… were they the best marketers?

Perhaps due to my years of working at two different marketing agencies and being in front of potential clients who were wondering if our agency had enough experience in their particular industry, I can confidently answer “yes, marketing is marketing.” Allow me to make my case…

Strategy
I would argue a person who has developed strategy for various verticals and has seen what delivers results (and what doesn’t) offers a different vision than what has typically been done in your industry by your company and your competition. If you are seeking something “outside the box,” you will have good luck in finding someone from a different background.

Tactics
The basics are the same – print & digital advertising, mass & social media, public relations, direct marketing, and so on. I won’t insult anyone by saying digital advertising for ecommerce is exactly the same as for a manufacturer, for example. However, where any good marketing person will show their value is Continue reading