We all know that if you stick around long enough and pay attention you will see lots of patterns emerge during your career. When I started selling for Thomas Publishing, I called on marketing and sales managers who typically measured marketing success based on the number “leads” generated from campaigns, ads, publicity and trade shows. And marketing managers cringed when their CEO asked, “how many sales did we get from our marketing expenditure?”
Measuring Marketing ROI
Marketing managers are confronted with far more marketing channels today than ever before, and the ability to execute a marketing plan and measure success is more challenging than ever. There has been an Evolution of Marketing, a Revolution some would say. While new technologies have emerged one thing appears to have remained a constant: Marketers still look to lead counts and other totals to measure of marketing success: from page views, site visits, booth traffic and card swipes to email campaign opens and click-throughs and lead generation. But the BIG question always remains: how many sales were generated from the marketing dollars spent?
Marketing and sales have always been a qualified numbers game. But when sales and marketing can agree on “what makes a lead a lead”, when marketing can generate more of them, and when sales follows up effectively, the BIG question CAN be answered. It requires that everyone is on the same page and that a system is in place to measure lead conversions and sales results. While it may be easier said than done, it is eminently doable even if a little outside help is required.
Marketing ROI (Return-On-Investment) is more than clicks and views and swipes and raw requests for information or visits to your trade show booth. It’s about generating sales and profits and increasing market share. It’s been said that you can’t manage what you can’t measure. How has your marketing approach evolved? And how do you measure marketing success? Do your marketing efforts help to generate measurable sales results? Important people still want to know!