Simon Ward discusses marketing resource management and return on investment.
Last year, Harry in sales brought 20x his salary and costs into your business. When things get tough, you’re not going to get rid of Harry. I’d happily employ Harry myself at Inspired Thinking Group.
But when the budget axe swings, whose head is going to roll off the block first?
In marketing, your neck can sometimes feel likes it’s sitting a little too close to the basket for absolute comfort. It’s not hard to see why. Everyone knows marketing helps bring in leads, helps keep your customers engaged and persuade them to invest in your wares. But if you can’t measure them accurately, it’s harder to make the case for keeping your neck in one piece than it is for Harry.
Marketing Resource Management
Innovative programmes and initiatives that make you stand out from the crowd can be slashed on a whim when efficiencies are on the table (and efficiencies should always be on the table). So what can you do?
Well, if marketing is going to continue to do great things for the company, it’s going to have to take a leaf out of Harry’s book and get measuring itself. After all, who knows what portion of Harry’s massive contribution should really be laid at marketing’s door? Perhaps you brought the customers to Harry, and Harry merely took the orders.
This is where marketing resource management (MRM) systems come in (you can find out more about ITG’s Media Centre here). MRM can help you measure things you weren’t able to measure before, on top of numerous other benefits.
Return on Investment
Garden-variety ways of measuring marketing ROI include brand awareness and intent to purchase, but a more valid ROI will look at savings from the process efficiencies and slashed operating costs afforded by MRM.
When you ally automation with an expert marketing services company, you save on staff time as well as process – and you can measure that saving accurately. With MRM, you can track budgets and engagement across every channel and better manage assets and campaigns – all of which can provide your purse-holders with meaningful ROI.
With measurable ROI comes a better appreciation of what marketing achieves for your company, increasing the Board and Finance’s satisfaction with your creative and spending decisions.
Not so smug now, are you Harry?
Until next time
About Simon Ward
Simon Ward ITG – Simon is the founder and CEO of pioneering technology-led marketing company, Inspired Thinking Group (ITG). ITG delivers best-in-class marketing software, procurement and studio services to dozens of blue-chip clients, including Audi, M&S, KFC, PUMA and Heineken.
Simon Ward SP Group – Prior to ITG, Simon founded SP Digital in 1998, and in 1999 bought SP Print to form SP Group, creating innovative marketing and point of sale displays for some of the world’s best-known retailers, including M&S, Sainsbury’s, Holland & Barrett and Calvin Klein.