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Money Talks, Bullsh*t Walks: Demand Real Marketing Budget ROI
No one wants to waste money.
But it happens all the time. Sometimes even the best intentions can lead to spending money on things without regard to value.
There are a lot of misperceptions, misunderstanding, and straight-up confusion when it comes to how effective marketing spend compared to company sales.
I think this is because a lot of “marketing professionals” are just salespeople selling media space. Billboards, television, radio, and other fluffy, pretty websites, where there is not any real way to gauge how well the buy is doing.
Let’s cut the bullsh*t. There is no way, in today’s data-driven, analytics-heavy, information-rich world that anyone should be spending any marketing dollars without metrics in place to gauge their effectiveness–unless, of course, your customers are NEVER on the Internet. And who’s not these days?
“So don’t buy because you are sold; invest because you believe that marketing is an important component in growing your business.”
Set up metrics for your marketing-budget ROI (return on investment) so your company’s marketing budget is tied directly to agreed-upon metrics for return on investment.
Make sure your marketing partner is responsible for setting up systems to capture and report on the data points required to measure the return-on-marketing spend. Understanding the total budget is an important question too because it sets the stage for the conversation about budget vs. expectations: How does your marketing-budget ROI fit in with the company’s overhead or total cost of goods? From there, build out the metrics for your current cost of customer acquisition. Include the lifetime value of a typical customer and split the cost between marketing and sales.
Think you may be wasting money? Demand marketing professionals will provide real marketing-budget ROI.
Are you looking to build an ROI-based marketing plan? From marketing strategy to marketing program planning, we exist only to help companies grow!
First introduced in 1972, idc-marketing is the most helpful, most prominent, and oldest advertising firm in Lafayette, Indiana. We are a full-service agency that helps companies grow business-to-business (B2B) and consumer-to-business (B2C) market share.