After looking at the table above please don’t throw the baby out with the bath water! I.e. Don’t discard your marketing strategy & plans… but start asking questions.
The most important question to ask is:
Is our marketing investment & efforts delivering a return?
Followed by:
How do we know? I.e. What data are we referencing? (Why this data and how does it link back to our business objectives).
Followed by:
How can we improve on this? Within the existing channels and/or start testing new channels.
Followed by:
What do we actually want to achieve? I.e. What are our marketing goals? (You may start with goals, but in my experience once you start measuring marketing performance you are then better placed to shape your expectations).
Marketing is a science. When you start measuring marketing you create the space to add, change and test multiple variables so you are constantly optimising your results AND your focus and time.
Marketing wastage (where the marketing budget does not contribute to the intended business outcomes) is where the real opportunity lies for most businesses. Not measuring your marketing performance is one of the biggest contributors to marketing wastage.
Sadly marketing wastage is particularly high in digital advertising. Recent reports (Next & Co) estimate that in the second quarter of 2024, around 44% of digital advertising budgets (across Australian companies) were wasted.
Celeste
#thejoyofmarketing
P.s. The ROI calculation (in the table above) is an aggregate across various campaigns, businesses and industries. The data has been sourced from: Hubspot & Influencer marketing (important to note) and it does not take into consideration long term ROI.
