Since New Years is a traditionally a time to take stock, here are five thought-provoking thoughts on marketing ROI from a few of my favorite experts on the subject (not ranked in any particular order).
1. “Choose no more than five key metrics. It’s hard to put organizational focus on more than that, so choose wisely.”
Paul Albright, Chief Revenue Officer, Marketo
2. “The proper use of marketing ROI measurements is capable of comparing investment options as diverse as a direct marketing campaign, a dedicated sales force, a retail distribution channel and an Internet marketing campaign. Marketing ROI analysis can scale from the incremental value of a tagline on an envelope to the implementation of a multimillion-dollar enterprise CRM marketing initiative.”
Jim Lenskold, President and Founder, Lenskold Group
3. “A new breed of “Super-Quant” will emerge in the near future having both the necessary statistical acumen and the required knowledge of interactive marketing. They will accelerate the ability of business to bridge the gap between “what we have always analyzed” and “what we need to analyze in an increasingly digital world.”
Eric T. Peterson, CEO, Web Analytics Demystified
4. “The most common mistakes digital practitioners and leaders make is to either do things in the wrong order, or to try and do too much at one time. … People become frustrated (you hire smart people, they run off to build you the Taj Mahal, meanwhile you don’t have a functioning toilet). Business results suffer.”
Avinash Kaushik, Author, and Digital Marketing Evangelist at Google
5. “At its core, digital marketing is all about communication. However, you can’t listen with your ears. You have to listen with your data. … With Internet marketing, you have to set up experiments to find the right combination of message, timing, tone, and look.”
April Wilson, CEO/President of Digital Analytics 101
About the Author: Carmella Manges is Director of Integrated Marketing at Elliance, Inc., in Pittsburgh, PA. Enjoys the lifelong pursuit of marketing ROI as an ever-evolving means to improve the bottom line for clients. Follow her @LuvROI or on LinkedIn. See more articles by Carmella.