When it comes to marketing, Partners want to know two things: “what’s the return on investment?” and “when will I see results?”
If we could answer those questions easily and succinctly, we’d be millionaires. Unfortunately, too many factors at play make ROI measurement across a whole marketing plan challenging and predicting when a pay off will happen isn’t any easier. But, when we look at ROI on each tactic and ROE (return on engagement) for overall strategy we can begin to predict the answers.
Set Partners up for Success
Ok, so, measuring marketing ROI across an integrated strategy is nearly impossible. But, putting a dollar value (ROI) on any one tactic is possible and more importantly, recommended.
Marketing tactics work together in the same way a bunch of parts assembled correctly make an engine work, or bundling the right solutions makes IT infrastructure work. And, just like an engine or a network, one missing or clunky component changes the customer experience dramatically. The quicker Vendors help Partners figure out which tactics are missing or clunky, the better off you both are.
Drive Demand on Purpose
Websites have to be persona based and mobile friendly or risk never being found in search. From there it’s circular. A Partner’s blogs and web-copy feed hungry social networks increasing SEO and adding Vendor syndicated content gives site visitors more to read. Together, it all drives demand.
Touches Matter Too
Have you figured out how many touch points it takes to engage your buyer? Hubspot says many factors influence the magic number. So, if you don’t know for sure start with five, it’s the generic sweet spot before the law of diminishing return takes over.
Use passive touch points like social media, forums, groups, pay-per-click, blogs and gated content liberally. Think of passive touches as the sidekick to the overt tactics such as email campaigns, newsletters, phone calls, direct mail and events. Together they stoke your Partners’ demand gen fire.
What Matters Most ROI or ROE?
No sense investing in cold calling or email blasts if they’re not effective with your buyer. Nope, ROI isn’t dead. It’s useful to measure effectiveness of each tactic to see if they work.
However, it is time to stop thinking only in terms of marketing ROI and start thinking more about customer experience and engagement. Doing so helps measure the true value of a fully integrated marketing strategy.
Benefits of Measuring Return On Engagement (ROE)
Connect social media accounts to scheduling platforms like Buffer or Hootsuite for metrics, and look no further than Google Analytics to learn which articles drive traffic. Take it one step further and have sales teams track how many social media conversations lead to buyers who convert. Over time, measuring ROE, allows Partners to easily capture hard data that proves their marketing strategy works and inform their plans going forward.
ROI for tactics plus ROE for strategy is a winning combination and when used together your Partners will have a complex roadmap for marketing success.