Trying to track and figure out Marketing ROI can seem like an unattainable goal, but sometimes it just requires a shift to your focus and what you measure. Since more data than ever is available at our fingertips, it’s important to know exactly what to look at and what to skip.
Why Marketing Effectiveness & ROI Matter For Your Middle Market Organization
There’s an adage that 50% of marketing dollars are a waste, but you never know which 50% it is. While that certainly has been true in the past, it doesn’t need to be these days. From having more technology available to help you track, to partners that can help you design and implement tracking processes, Middle Market companies have more options available to them.
Why should you spend time and money on tracking marketing efforts vs. effectiveness? Firstly, most organizations don’t want to spend money if they aren’t sure of the ROI they stand to gain. Secondly, if you are merely throwing marketing efforts against a wall to see which sticks, you aren’t being at all efficient. You don’t know if your marketing team is the right size if they aim their efforts in the right direction and you likely don’t even know how to truly gauge and measure success.
How Can Your Middle Market Marketing Tracking Become More Effective?
For starters, what do you currently track and how do you track it? You must know your starting point before you can begin to move the needle. If you are tracking only what you spend, you may have your work cut out for you. But, if you are tracking results from spending, you might be able to make some slight adjustments.
When you’ve laid out what you currently track and how you should begin to see where you may have gaps. Are you looking at both online and offline efforts? Do you weigh one against the other? Do you have overlaps anywhere that are getting tracked twice? By defining areas you want to improve, you’ll have a good base plan for improvement.
Next, decide how granular you want to get. Do you need to track down to individual customers, does your organization put more weight on short-term, middle or long-term data? Figuring out what to track and how granular to get can be a big task, but well worth the efforts if it allows you to refine what and where you spend marketing dollars.
Implementing Technology & Assistance In Your Middle Market Marketing Tracking
Marketing tracking, reporting, and adaption tools exist and continue to be upgraded and improved upon. Depending on your specific marketing efforts, you may feel technology isn’t necessary for your needs. However, if your marketing efforts are broad and varied, it may make sense to use some tools to assist.
This may be the time to seek out expert help. What are other organizations like yours utilizing to make marketing reporting easier? Are there partners available who could help not only to tighten up your marketing efforts but provide more accurate & readily available data? A marketing geared board of advisors or trusted contacts could provide information to set you on the right path.
Marketing efforts consume a large portion of time and money, so getting accurate information about how your efforts pay off is important. It may be time for your Middle Market organization to reevaluate your Marketing ROI.
So what’s in the Mighty Middle Market for me? — get it right now at www.Go4ROI.com.