By wilson |
We Have Data—Why Is This So Hard?
How much should I spend on marketing? What should I expect in return? Those are two of the biggest questions that marketers face—and they’re fair questions. The issue is that calculating ROI, even with all of the data now available, isn’t as cut and dried as one would think. It can be as simple or complicated as you choose to make it, based on what factors you choose to include.
The Harvard Business Review recently published an article called a Refresher on Marketing ROI, which identifies four benefits of measuring Marketing ROI (MROI) for marketers.
1. Justifying market spend
2. Deciding what to spend on
3. Comparing marketing efficiency with competitors
4. Holding themselves accountable
Our take? Understanding where the resources go and what is returned is a very necessary business exercise. But marketers can’t neglect the brand and forget that it is just one component of their role.
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Resources
Harvard Business Review | Refresher on Marketing ROI: https://hbr.org/2017/07/a-refresher-on-marketing-roi
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