Spending money on marketing and advertising has become a major concern for businesses in 2001 - and again looks to be a top concern for 2002. Determining effective ROI for this seemingly imprecise investment has become even more challenging in the current market downturn.
We believe that marketing programs MUST justify themselves -- not only in soft revenue, but in hard dollars, as well. Those responsible for marketing must continue to prove the worth of their ideas.
ROI formulas** are pretty straightforward in design and implementation. We are happy to discuss the details of such a formula with you.
So, how do you reinforce your ROI? Here are some ideas:
- Research
- Lead Generation Programs
- Integration
- Assessment Process
o Establish a benchmark for product penetration and brand awareness
o Verify your progress on an annual basis
o Find out what concerns your customers and prospects really have
o Designed and tracked properly, these programs will bring highly qualified sales
leads to your doorstep
o Integrate your efforts, both internally and externally, for maximum return
o Take advantage of all media
o Communicate with your staff and reps to get everyone on the same page
o Set up the benchmarks in the beginning of each fiscal year
o Do assessments on a quarterly basis
o Include your advertising/marcom agency in the process
Quickly implement mid-course adjustments as needed