What Is Your Company's Return On Marketing Investment?
Understanding your overall company's ROMI will propel your long term growth!
What Exactly Is ROMI?
ROMI is not like the other 'return-on-investment' (ROI) metrics because marketing is not the same kind of investment. Instead of money that is 'tied' up in plants and inventories (often considered capital expenditure or CAPEX), marketing funds are typically 'risked.' Marketing spending is typically expensed in the current period (operational expenditure or OPEX).
The purpose of ROMI is to measure the degree to which spending on marketing contributes to profits. Marketers are under more and more pressure to “show a return” on their activities. A necessary step in calculating ROMI is the measurement and eventual estimation of the incremental sales attributed to marketing. These incremental sales can be 'total' sales attributable to marketing or 'marginal.
Knowing and understanding you company's unique ROMI is mission critical for your long term growth. Learn your ROMI by contacting us for your free evaluation today.
Just Some Of The ROMI Indicators
DIFFERENT FROM ROI
Unlike ROI (Return on Investment) your comapany's ROMI (Return On Marketing Investment) on considers the line item budget for marketing and is the money spent generating the revenue expected?
ROMI is can be a just a simple math calculation there other decisions and strategies that need to be added in to your company's calculations to get a clear picture of the results you are getting.
It's critical it is to understand just how your marketing efforts contribute to the bottom line. The sales pipeline and ultimately revenue provides the data you need to determine the results in relations to sales goals and more!
WHAT IS YOUR BUZZ?
Has your company reached a point where your marketing is buzzing about your products and services? Are you tracking what others are saying about your products and company? It all plays into planning your long term ROMI! Find out how now!
Most companies are reactive marketing machines verses proactive marketers. A clear, detailed marketing plan that is on the calendar along with management support is the winning combination yu need to get the right ROMI!
TEST TEST TEST AND MORE TEST
It really is true that you can never test marketing ideas to much. Every time you do they either get better or you know with certainty they don't work. What success are you tweaking that could be the next viral driver for your company?
Do You Know Your ROMI?
Having the correct data, information and analytics with determine your future!