- October 7, 2014
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5 Strategies for Proving Your Marketing ROI
The phone is ringing and leads are pouring in. Congratulations, your campaign is paying off.
Now go prove it to the boss.
If you find that part challenging, you’re not alone. According to a recent Teradata study, up to 75% of marketers have problems calculating and demonstrating the return on marketing investment. Teradata says this is mainly due to failures in the management of data, teamwork and stakeholder expectations. These tips, paraphrased from an article by digital marketer, Joseph Parker, may help you better prove your marketing successes–today and into the future.
- Sharpen Your Tools: Accurate measurements require accurate data. If you can’t prove ROI with the data at your disposal, your tools or processes might need fine tuning. One solution is putting all your marketing data into one central, easily accessible tool or repository to make results easier to access and analyze.
- Tap New Talent: Good creative services, such as graphic design and copywriting, are essential to marketing success. But because today’s campaigns are increasingly data driven, metrics (and those who know how to apply them) are playing a much bigger role in marketing. In fact, marketing research firm IDC predicts that by year’s end, six in ten CMOs (chief marketing officers) will have a formal process for recruiting marketers with data or technical skills.
- Sync to Swim: Unless the strategic goals of marketers, IT and other departments are closely aligned, accessing ROI-related data may prove difficult, Parker says. It’s imperative that marketers know how and where internal departments touch customers and collect data, but more importantly, have a reliable process for sharing it.
- Un-Silo Yourselves: Gathering information from all available sources is the only way to get an accurate picture of your marketing results. Unhealthy and unproductive ‘siloing’ or isolation can occur when teams can’t or don’t communicate. Getting the multi-channel marketing and customer-behavioral data you need to quantify ROI may require you to proactively chip away at silos and help get teams talking and interacting again.
- Keep ‘execs-pectations’ in check: Ok, we made that word up. But the point is that executives and other stakeholders unfamiliar with the demands of multi-channel data collection may think the process is a snap, especially if they’ve approved funding for new whiz-bang tools and technologies. To keep the campaign grounded in real-world goals, it may be useful to explain to them to others and level-set expectations before your campaign kicks off.
To accurately measure and prove results (and get the love that successful campaigns can bring), combine the advice above with these tips from Marketing Tango’s data management archive. Doing video? Check out this MarketingProfs infographic that shows why video marketing results are easier to prove.
