Measuring marketing ROI – one expenditure at a time
Marketing activities can bring measurable ROI – sadly, many companies don’t bother to measure all their activities. Indeed, it is tedious to calculate a value for the labour costs of one’s own marketing staff and to include it in all campaign budgets. However, at least for all external costs one should ask oneself the question: “What has this brought?”
Have you ever measured how many leads or opportunities and eventually how much revenue you got from that extra nice ad in that directory, that – according to its sales guy – has tens of thousands of readers? How about that partner entry in this newest online community? Did the branding campaign lead to a measurable increase in awareness and brand recognition?
Ask that question for each marketing invoice, and if you can give a positive answer, keep improving your marketing expenditure’s results by cutting away what doesn’t bear fruit.