Marketing Plans That Bring ROI

Submitted by Mitch Seigel on Tues, 6/3/2014

Up until ten to fifteen years ago, ROI was a term primarily reserved for shareholders or investors of a company. It slowly started making its way into C level meetings. Then it found its way to the marketing department, and eventually to all segments of the business. Today ROI is almost used with more than enough frequency. For those not familiar with the term-Return on Investment.

For decades a company would develop a marketing plan, including budget, and in many cases, despite how the company was performing, the marketing team would spend that budget. As business forecasting increased to quarterly re-assessments, then monthly, and now weekly and daily assessments, ROI has become a part of business that determined spending, replacing it as a post performance tool.

This major change has forced the marketing department to be more critical of its choices for expenses. Why waste the time and spend money on something, if the chances of solid ROI are not a possibility? At the same time more scrutiny became a name of the game, the marketing choices have broadened, making decisions increasingly more difficult.

Concurrently, development of more data regarding the potential results from each possible expense has been a pleasant surprise. Analysts love numbers and there are more available now than ever. As a business, you need to be questioning every expense to the nth degree, and that includes vendors you have used for years. There are always ways to make expenses more efficient, thus providing your company with a better ROI.

What are your challenges when it comes to developing a marketing plan that brings solid ROI for your business? I look forward to hearing your comments. Until next timeā€¦