ROI versus ROOSeptember 15, 2010 Return on Investment versus Return on Objective Translation: Your bosses don't care about the things you care about. Marketers have embraced ROI but the measures many choose are still comparing marketing option to marketing option, evaluating how those dollars performed compared to the alternative. "Option" in the sentence above could be replaced with the word "expense". In order for marketers to win respect organization-wide, they need to be thinking in terms of business objectives they are meeting and the bottom-line impact of their marketing initiatives. Remember the CEO and CFO do not care about impressions, open rates or click thoughs, they care about revenues. Savvy marketers need to translate what they are doing in marketing to that language. Marketing planning should look like this: Business Objective > Marketing Objective > Marketing Strategy > Tactics By creating your marketing plan in terms of the business objectives (ROO), you already make the leap to having a framework to track your impact on those objectives. Once you know what you want to measure, there are many analytics and dashboard tracking programs that you can implement and begin to monitor your marketing programs's ROO. Related Article: http://www.imediaconnection.com/content/27558.asp |
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