Do you have an ROI on Marketing Spend?
In today's world of online marketing, data analytics, predictive analytics, and technology driving marketing. If you are not seeing a least a 1:1 ROI on your marketing spend, something is wrong. The problem, in most cases, the marketing agency or the marketing team, that is in charge of delivering on your marketing efforts, usually does not have the skill-set, knowledge, or experience with all mentioned above.
When you have real-time data analytics, such as Google Analytics, tracking every campaign, every visitor, every click, every conversion, and your conversion cost, it becomes very clear what is working, and what is not. It also becomes very clear if your team or outsourced agency knows what they are doing.
Things to think about and questions to ask yourself:
Whomever I am hiring, do they have a background and experience, in today's world of SEO, PPC, ReTargeting, Display, Mobile, Marketing Automation, CRM, CMS/Website Development and Management, Data Analytics, and eCommerce? Are they good at Creative, and not so much on Digital? What have they traditionally done? Know that most creative agencies are not technologiest, and are not good with Digital. And most digital technology companies are not good with creative. On ocassion, there is the rare anomaly, that someone or a company, understands, and has hands on experience in all realms.
Never be shy with asking the hard questions, to dig underneath the covers to see what a company, or resource, has done in these realms. Remember, impressions are nice for brand awareness, but conversions are what pays the bills and makes you money. Conversions through brand awareness. If a company or resource gives you a plan or strategy that is all impressions based, look them in the eyes and say, "that is so 1st quarter 2009", THEN RUN AWAY!
"People are in such a hurry to launch their product or business that they seldom look at marketing from a bird's eye view and they don't create a systematic plan."
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