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

Tips on What to do When Sales and Marketing are Not in Sync

According to a 2015 report, the misalignment of sales and marketing cost businesses $1 trillion annually in wasted marketing efforts and decreased sales productivity.

Tell me if this sounds familiar…

The company wants to increase sales and has a sales team and marketing team to accomplish this goal. The marketing team is thinking long-term, wanting to strategically grow brand awareness in key verticals. The sales team wants to move quickly because they have quotas to meet. The sales team points to the marketing team because they feel there are not enough quality leads, while the marketing team explains they need a bigger budget and questions what the sales team is doing since so many leads are not being converted.

So how do you get sales and marketing in sync?

Depending upon where I have been in my career, I have been referred as a marketing leader who knows how to sell, or a sales leader who knows marketing. To me, my passion lies with marketing, but I have held sales roles and understand both sides of the equation very intimately. So, here are six tips if you find yourself tasked with getting sales and marketing aligned.

1. Establish goals and how to measure them. It is critical both teams have goals that serve the same common goal, and objectives that support them. Further, it is important to have Key Performance Indicators (KPIs) established to help measure the same metrics.

2. Define your target. Is the ideal prospect the same to both sales and marketing? Who are they and where can they be found? What is the best way to communicate with them? Inside information from the people on the front line – the sales team – will be crucial to helping marketing better understand the target, what messaging works, and what channels they prefer.

3. Share strategy. Sometimes, the best marketing plan can fail miserably… if sales isn’t prepared for it. Collaborate on what products or services are being featured, what the messaging and hook is, and which audience is being targeted and when. This way, sales can anticipate and understand the motivation of the buyer and be better prepared. Continue reading

Super Bowl Commercials – What to Look for in 2017

Millions of people tune in to the Super Bowl every year, with last year’s event drawing nearly 112 million viewers. For many, the commercials are the biggest highlight. Besides being entertaining, I have often found the ads can tell us quite a bit about the state of our country, and current marketing trends.

At $5.5M per 30-second spot (nearly double the cost of the same ad in 2010), the big companies and wannabes are going to try to get the most creative minds in the industry to help tell their story in half a minute. Sometimes they win and, a lot of the time, they lose.

Sir Anthony Hopkins is not selling out in this 2016 Super Bowl ad for TurboTax.

Over the years, it has certainly painted a picture of what we like (food, beer, cars, etc.), but it also tells us what is happening in our society. 15 years ago? The Dot Com companies ruled the night. During the recent recession? Soda, chips, candy bars and fast food – inexpensive comfort items – took prevalence. Two years ago? Sentimental ads focusing on parents, kids and empowerment tugged on our heartstrings. Last year? Brands relied upon respected actors like Hopkins, Neeson, Mirran, Walken and Keitel to build credibility and sway opinion.

What to look for this year? If you are a marketer (or just want to sound smart around the water cooler), here are a few suggestions when watching the Super Bowl…
Continue reading

2016… What Did We Learn?

The New Year is a great time for reflecting on the past year and setting goals for the new one. This is great, of course, for personal issues we want to improve. But, what about your business? Have you sat down and really looked at where you’ve been and where you want to go?

Last year, did you reach your business goals (gross sales, unit sales, market share penetration, new client acquisition, new locations developed, reduce costs, increase profits)? What do you think your greatest achievements were of 2016?

There is a common saying, “Celebrate your successes and learn from your failures.” Personally, I think we can learn from anything… if we ask the right questions. So, what made your victories successful? Sit down and really analyze what made something work. Was it the extensive planning, as well as preparing for various outcomes? Was it the new personnel you hired? Was it you taking a more hands on approach… or less? Was it that social media campaign? That PR blitz? That creative direct marketing idea?

On the other hand, what didn’t work? If you could do something different in 2016, what was it? How would you do it differently?

As George Santayanna wrote in his book Reason in Common Sense Continue reading