When organizations want to measure their success they have to rely on their return on investment (ROI). A successful organization is capable of measure the leverage and demonstrates the contribution of their marketing strategies and how they affect the bottom line of the company.
You need to measure:
•1. What is the amount invested in the specific marketing campaign?
•2. What amount is the return?
•3. How many customers were gained?
•4. What share and penetration does the company has on the market?
•5. Which points of the marketing campaign worked and which didn't?
Any marketing plan needs to be balanced to help your organization measuring the contributions of the marketing plan. When you are able to place the plan into a larger context and link it to the asset growth of your company you can validate if the plan is a valuable or profitable opportunity for your business.
If you are not able to show if the marketing's plan ROI is positive you can be repeating systematically the same mistake again and again until you go bankruptcy. This has to be done with all your marketing as advertisement.
- Does your investment in magazine adds bring you back the return you are expecting?
- Is your webpage PRS at least a 2?
- Can customers find you without typing the URL of your company?
- Are you using Virtual Tours and placing them in the major Internet portals?
You need to be able to do this or you will be throwing away your money.
Reference: The Gonzalez Group; "What's Your MROI? 5 Ways to Find Out"; http://rismedia.com/wp/2008-07-16/whats-your-mroi-5-ways-to-find-out/
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