Market Smarter from Concept to Performance in the Marketplace
In pursuit of increased return on investment (ROI), companies have been flogging away at everything from business processes and technology deployment to employee motivation. Until relatively recently, marketing and especially advertising were spared many of those rigors. Retail magnate John Wanamaker’s famous comment about his advertising budget has echoed down through the decades.
That was then. ROMI is now.
In recent years, gains in ROI in other areas of business operations have inevitably led to closer examination and rising expectations for the marketing function. Today, companies include Return on Marketing Investment (ROMI) in their metrics of success. Better understanding of marketing dynamics, cost/benefit relationships, and lifecycle marketing, combined with better tools for measuring and predicting market performance have given today’s marketers a grasp on ROMI that would have made John Wanamaker smile.
Marketers know they must put their emphasis and resources where they can generate maximum ROMI. But where is that?