All CxO’s and managers of companies are convinced and in favor of marketing. Marketing creates the great expectations for the future.
However the biggest failure of marketing is calculating the ROI of marketing events and actions. When no ROI can be presented the investment in marketing becomes uncertain and arguably. Especially in B2B where the marketing event or action is difficult to prove due to the long sales cycles.
In order to calculate and indicate the ROI on marketing investment:
The items that can be accounted for:
- Website traffic
- Increase in website traffic
- Number of inquiries
- Increase in number of inquiries
- Number of leads
- Increase in number of leads
- Requests for quotes or proposals
- Increase for quotes or proposals
Not or hard to measure as these are not quantitative:
- Changed perceptions of the company or products
- Brand name awareness
- Satisfaction of customers
How do you calculate the ROI on your marketing ?