How to Boost Return on Marketing Investment

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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?

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Alignment for Success

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Getting everyone on board and pulling together.

Taking a new idea to market is tough, whether it’s new positioning for your company, a new product or service, or entering a new market. All too often companies add to the difficulties by setting out without everyone involved sharing a unified understanding of the journey. In today’s language, we’re talking about alignment, or the lack of it. From setting the objective to creating a strategy to executing the plan, every member of the team must be on board and working together.

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B2B Marketing Is Different Where It Counts

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A colleague told us of a consumer marketing specialist who summarized his years of qualitative consumer research like this: if you dig down far enough into consumers’€™ motivation, eventually you’€™ll reach Sex.

That may or may not be true, but it certainly provides an insight into the axiom that B2C companies are rarely successful in a business-to-business market (€“and vice versa). A large part of consumer marketing deals with non-rational factors -€“ image, self-satisfaction, fashion, the need to be cool, and, of course, sex. Marketing your business products and services to business customers demands a different way of seeing the relationship between your product and the prospect, the hierarchy of benefits, and even the way you measure success. Granted that image, self-satisfaction and cool have their place in business, most of B2B marketing is rooted in the rational.

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