Marketing Departments Under Pressure to Demonstrate ROI Turning to Web
December 16, 2008 by Doug Mitchell
There’s a great article from Manage Smarter talking about the pressure today’s CMO’s are under to prove ROI. Problem is that nasty little issue about not having any good data or technology to measure and report effectively.
We’ve been saying that for sometime and in fact, that pressure to find marketing methods that meet muster has resulted in substantial growth in our business.
This quote blows me away:
Despite years of conversation about ROI, the tactic of actually measuring marketing investments is still in its infancy, per the Conference Board. Thirty-seven percent of respondents claim to have been tracking ROI for less than a year. Less than a quarter have been doing it for more than three years. One third doesn’t bother at all.
Exactly! In non-web marketing applications, it’s very difficult to figure out what’s effective and driving business. On the web however, it’s a given.
I know many companies personally that have this down to a simple science of spend $xx,xxx/month online and we acquire $xxx,xxx in business. They simple change variables and have a very predictable result with a margin of error. What’s the ROI of a yellow pages ad or a 1 page ad in a magazine? Who knows?
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