You don’t have to go back to the Mad Men days to see examples of reckless spending on marketing with no real understanding of the return on investment.
As management guru Peter Drucker said, “what gets measured matters.” This applies to your marketing efforts, especially in today’s economy. Measured marketing is Accountable. It is justifiable and responsible marketing.
On the flip side of Drucker’s quote, what doesn’t get measured doesn’t matter. If you can’t measure it, don’t bother with it. If it doesn’t show a positive ROI (return on investment), STOP IT….period.
With so many ways to measure the success of marketing today, it blows me away that so many people still have no clue whether their marketing is working or not… yet they are still committing marketing dollars to the same things.
Another favorite quote of mine is from Albert Einstein – “The definition of Insanity – doing the same things over and over again, yet expecting different results.” OK, the quote may not be verbatim, but you get the picture.
So, what is one sure way to save money and ensure a positive ROI on your marketing dollars? STOP (right now) spending any money on any effort that you positively, absolutely cannot prove is helping your bottom line. i.e. Is every dollar you are spending, bringing back to you at least a dollar plus in sales? Would you keep investing your money in the same financial investment year after year without some positive return? Of course you wouldn’t.
What are some things that are worth measuring?
- Increased visits to your website – are you getting a measurable increase due to your marketing efforts?
- Increased website conversions – are you converting these visitors into qualified prospects? Are you getting them to take action on a measurable, desired next step like downloading some free information or signing up for emails or updates on your blog?
- Social media metrics – Are you measuring engagement and are those engagements driving traffic back to your landing pages, blog, etc.?
- Increased qualified prospects in your marketing database, giving you permission to communicate with them and begin to build a trusting relationship with them.
- Increased Sales – the ultimate measurement. Sometimes it is difficult to attribute some marketing efforts directly to sales in a “one-time” promotional program, but if your efforts are well integrated, focused and well-done, you should totally be able to measure an increase in sales over a given time period….or just DON’T DO IT.
Stop the insanity. Be accountable with your marketing or don’t do it and save the money. Pick one of the measurement ideas above today and begin making your marketing accountable.