Return on Investment – do you know what you are achieving? All too often, the projects we work on including marketing and internal engagement are seen as a cost. Sometimes this cost is seen as necessary and so the work goes ahead, but either way there can be a reluctance to commit any resource and therefore we end up having to spend half our time convincing project sponsors of the benefit of the work.
I recently had a review with a client I have been advising for the past eighteen months, they are a specialist healthcare business and don’t have a large marketing budget, but then who does these days.
Marketing Return on Investment
The key to turning their activity round was to look at who they were targeting, the information they were distributing and how they were engaging their audience, delivering a focused campaign. At the outset, they had little analytics and were not able to track their marketing activity and understand what ROI they were achieving, so, integral to all their activity has been detailed tracking.
Having changed the way they approached their marketing from one of pushing information out to engagement, we have also been able to monitor the success of all the activity and adapt it throughout the period.
Going back to the review, we looked at all the activity as a whole and were able to see exactly where the leads and sales were coming from and how much revenue this had generated. The result has been impressive. The business has now gone from one that was reluctant to spend money on marketing to one that, whilst being careful with what they invest in, will invest in marketing activity that delivers a return.
In an economy where budgets are always under scrutiny, it is essential that we are able to assess all elements of a business, but it is also essential that businesses see marketing for what it is, an investment in the future success of the business, not a cost.
To find out more about how you can adjust your marketing to deliver a strong, measurable ROI, get in touch.
The old adage of “spend money to make money” is spot on, but it just needs to be measured.