“Show me the money!”
As marketing is increasingly expected to prove its contribution to the bottom line, marketing must undergo a paradigm shift, and measure its efforts differently. Marketers must produce solid financial evidence of their value to the enterprise.
It’s important to continue to measure open rates, clicks, impressions and more. But increasingly, those metrics are for internal use for marketing.
When reporting to C suite, measurement must be in dollars. But how does marketing collect and make sense of this data, which is often hidden away in disparate databases?
The answer is technology. It’s the key to getting the hard numbers you need to prove – and improve – your overall marketing performance. You need a solution that aggregates and provides an executive view of marketing’s financial performance, in real time, incorporating all the data and financial analytics to show enterprise marketing return on investment (EMROI).
The majority of marketers are not satisfied with their ability to measure EMROI. But making the jump, and embracing technology to measure ROI, will profit you in many ways. 79 percent of marketers say a key benefit of shifting focus to ROI is that it demonstrates the effectiveness of marketing investment. Finally, a way for marketing to prove its worth.
For the minority of marketers who are satisfied with their ability to prove EMROI, they often share traits with one another. They:
- Use marketing ROI for planning and budgeting
- Are better able to access and use marketing data
- Use labor-saving technology for marketing reporting
- Are able to better collaborate with peers and other departments
Conclusion: Marketing must increasingly focus on – and prove – its contribution to total
enterprise revenue. To do so, marketers must measure their performance in dollars, rather than campaign metrics.
What did I miss? What tips do you have for proving marketing ROI? Please comment below.
This is an excerpt from our exclusive new eBook, “10 Essentials for Proving Marketing ROI”. Get your free copy of this expert resource now.