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Hi. While I'm on marketing soapboxes today:
ROI is a *single metric*, a financial one to be exact, and it is a trailing indicator (which means it can only look at historical activity).
You do not get to ask what the R will be before you've made the I. That's not how it works.
ROI is a *single metric*, a financial one to be exact, and it is a trailing indicator (which means it can only look at historical activity).
You do not get to ask what the R will be before you've made the I. That's not how it works.
Most people ask "what's the ROI" when what they really mean is "how do I know this will be successful?"
There are a LOT of ways to define marketing success. ROI is one, but it is not the only. And it's often far from the most helpful to look at.
Marketers need to learn this.
There are a LOT of ways to define marketing success. ROI is one, but it is not the only. And it's often far from the most helpful to look at.
Marketers need to learn this.
Most inability to measure marketing impact is a function of:
- Unclear objectives and their associated metrics
- The right data and tools
- Short time horizons (ie trying to measure impact in 30 days when the sales cycle and soak time for most marketing is 6+ months)
- Unclear objectives and their associated metrics
- The right data and tools
- Short time horizons (ie trying to measure impact in 30 days when the sales cycle and soak time for most marketing is 6+ months)
Moreover, unless you are doing direct marketing or e-comm, marketing is a revenue influence factor and an accelerator but it is not the sole channel nor can any dollar in most businesses usually be attributed to any *one* function, including marketing.
