More Control to Anticipate Your Return on Investment
Marketing ROI, a concept that so many companies struggle with today. As we try to determine the value of our marketing, one of the key questions is “How am I going to define marketing ROI?” Marketing managers, executives and brand owners – across the spectrum of experience – find that anticipating return on investment (ROI) can be challenging. Decisions regarding plans, staffing, buying decisions, priorities and budget often streamline from various sources, which may or may not work in a complementary fashion toward the same end goal.
Planning and Projections
Proposing strategy and planning – whether seasonal, annual, one-off or otherwise – needs a unified approach to maximize outcomes and in my experience, this process remains rather outdated in most marketing groups. To understand marketing ROI, companies should take a holistic approach and consider Total Cost of Marketing (TCM), the process of examining all aspects of marketing effort. TCM is the combination of time, resources, and budget used to plan, execute and analyze a marketing campaign.
Technology can now help bridge the communication gap across the departments that play into those decisions. If you had the opportunity to layer in program tactics, costs, timelines and staffing and see whether your programs would deliver for you, would you try that? Envision the marketing analytics that could tell you – beforehand – that your programs are understaffed or overbudgeted or could provide additional return for a small incremental budget build. Using technology to bridge this communication gap can help ensure that your big-budget programs’ marketing dollars are directly spent to impact change and bottom-line business.
Analytics and Adjustments
At the end of the day, we most often rely upon experience, hard work and guidance — and sometimes, even a little bit of luck — for campaigns to hit their mark. In truth though, there are so many variables that can de-rail even the best laid plans. Catching up as plans falter or shift is difficult to do. Whether middle of a campaign or near the end, it’s important for marketers to have all information needed to make the best decisions and create the greatest impact. Entering real-time data and seeing how all elements intersect across your program’s timeline and end-goal, can provide powerful insights about timing and anticipated outcomes. Seeing issues in workflows and tactical performance as they arise, or even before they arise, can provide huge cost savings, ensure your budget dollars are allocated appropriately, and help achieve the greatest ROI.
Controlling Your Marketing Mix
It’s time we move away from investigating problems in hindsight and take advantage of new opportunities to set a campaign in the right direction from the start. With new planning and analytics tools for marketing, see how all of your marketing program tactics line up and anticipate the effectiveness and performance of your plans before you activate. At Konica Minolta, I’m proud to support the launch of a revolutionary marketing planning and analytics tool, Domino DecisionsTM, delivering the data you need to prepare smart marketing campaigns across media platforms with top returns.
This offering comes from Konica Minolta’s Industrial Print and Graphic Communications Marketing Services platform and the beauty of the program is that it can be implemented into literally any environment. As an aggregate marketing analytics tool, Domino Decisions can mine the information it needs from your existing technology (Konica Minolta or otherwise) to improve upon your marketing efficiencies.
At Konica Minolta, we are going into our third year of incorporating Domino Decisions to our own comprehensive marketing approach to ROI by implementing technology and processes that help us see and understand our campaigns from launch to analytics. Whether it’s a new product launch, a large tradeshow, or a regional innovation showcase, the marketing team is able to view the complete campaign or one of the many tactics within the campaign, such as email, social media, or direct mail. In addition to greater visibility, we’ve reduced our time needed for monthly marketing calendars and measurement reports from days to hours. By having this end-to-end visibility, we are able to quickly support and manage on-going changes that occur when executing multiple omni-channeling marketing campaigns.
For brand managers, an investment in planning and analytics can re-direct time, resources and budget dollars with a marketing mix that garners more impressions and turns around your expected campaign’s return on investment. See more about this incredible tool at Konica Minolta.