We often talk about marketing ROI, or the return on investment in advertising, as if it is a fixed and immutable number.
You may have heard the story of a marketing professional at a large consumer goods company headquartered in Cincinnati who famously carried a little card around with the ROI of each media channel printed on it. Whenever a media salesperson pitched a new media channel, this dog-eared reference would be consulted. The marketing pro would compare the ROI of the proposed media to those listed on the card and frequently reject it based on these fixed (and inaccurate) ROI scores.
Unfortunately, this anecdote represents a common theme in marketing. Looking at ROI in this myopic way limits the overall potential of your marketing mix to drive higher returns and increased performance for your business.
So how should one look at marketing ROI, and more importantly, are there ways to increase it?
Assess the return
First, let’s lay to rest the idea that a channel or marketing effort has a static ROI or an ROI independent of the entire marketing mix. When trying to assess the return on one’s marketing investment, it’s essential that the effort is measured holistically. Managing marketing channels separately and using siloed measurements fails to show any interaction effects. Marketers’ jobs might be somewhat dependent on their ability to measure what’s working, what’s not, and just as importantly, what may be helping or hindering the overall marketing effort.
Leading marketers are quickly adopting Unified Measurement/Total Marketing
Read more here: https://marketingland.com/5-ways-to-hack-a-higher-marketing-roi-245114