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Zusammenfassung von ROI in Marketing

Name: ROI in Marketing
Rating: 4.1 (59 reviews)
Author: Jack Phillips

Jack Phillips

The Design Thinking Approach to Measure, Prove, and Improve the Value of Marketing

4.1 (59 Bewertungen)

11 Min.

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Effektivität Marketing Design Thinking

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ROI in Marketing
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What’s in it for me? Learn a data-driven way to show ROI!

In businesses the world over, executives are worried about the bottom line. Everything a company does – including marketing – needs to demonstrate its financial value clearly. Otherwise, it’s simply not worthwhile.

If you’re in marketing, or simply interested in it, then you likely know how often marketing teams are asked to show the return on investment – or ROI – of their projects. You may also be aware of why this is such a challenge, from proving impact to figuring out monetary value. These blinks are here to help.

Drawing on principles from design thinking, a popular innovation methodology, the blinks explain how to plan effective marketing campaigns and accurately measure and prove their financial performance.

In these blinks, you’ll learn

how most CEOs feel about their billion-dollar budgets;
the main reason marketing campaigns fail; and
the importance of telling stories.

Marketers struggle to demonstrate the effectiveness and financial value of their initiatives.

Meet David, an ambitious chief marketing officer who’s worked hard to launch several marketing campaigns for his company in the last few years.

When a new CEO is appointed, David is asked to give a presentation on recent marketing initiatives, and he excitedly highlights all the different activities he’s spearheaded. Whether they’re TV and radio ads or community events designed to promote brand awareness, all of David’s initiatives have garnered positive reactions from colleagues and customers.

But the new CEO isn’t so enthusiastic. Although the campaigns were creative and well-received, his main interest is how much value they created for the company.

The key message here is: Marketers struggle to demonstrate the effectiveness and financial value of their initiatives.

Many marketing professionals are under pressure from executives to show clearly their projects’ return on investment. And this is understandable, since corporate America allocates almost $300 billion to advertising each year. Despite this, however, seven out of ten CEOs feel that funds are wasted on marketing, according to a 2014 Forbes study.

With so much money on the line, marketers who can’t demonstrate exactly how their campaigns benefit the business may have their budgets cut – or even lose their jobs. A 2017 CNBC.com article even coined a phrase for this situation: “grow or go.”

So here’s the billion-dollar question: Why is it so difficult for marketing professionals to prove the financial returns of their work? Well, the answer is that the models used for marketing return on investment, or ROI, are limited in a number of ways. They simply don’t meet the expectations of executives who are focused solely on the bottom line.

For instance, existing models don’t clearly connect marketing efforts with the value they create. And without this chain of evidence, CEOs and chief financial officers can easily question the effectiveness of a marketing campaign. Additionally, current models have a narrow definition of value, and don’t consider non-financial factors like customer perspectives or internal business processes. These are essential in today’s competitive business environment.

To address these challenges and deliver the results that executives are after, the marketing world needs a fresh way to evaluate ROI.

The ROI Methodology uses data and design thinking to define and measure impact.

Here’s a scenario: A marketing team at a major bank gets a new director – let’s call her Marina. The bank’s performance has been declining steadily over the past few years, but Marina is determined to turn things around.

One of the issues that gets her attention is the bank’s high number of customer complaints. She looks into this and discovers that many customers feel that the company takes too long to address their concerns. So, after some brainstorming, Marina decides to fix the problem by introducing a new system for managing complaints and queries.

Positive ROI starts with considering business needs and choosing the right solution accordingly.

Think about all the businesses you interact with. Perhaps you buy their products, use their services, or even work for them. Each one may be wildly different from the next, but one thing is for sure: they all have business goals and, consequently, business needs.

Every department, team, and project within a business is aimed at obtaining its needs, and marketing is no exception. With this in mind, you’d assume that all marketing campaigns and projects have business needs at their core. But, surprisingly, this isn’t the case. A study by the ROI Institute found that the number one reason marketing projects fail is a lack of alignment with the business.

To meet marketing objectives, empathize with the audience and experiment with methods.

In the previous blink, we learned that part of a successful marketing campaign is setting objectives at every level, from reaction to impact and ROI. Once this is done, the question becomes how to design the campaign and implement it so that all the objectives will be met. And design thinking has a couple of useful principles for achieving this.

The key message here is: To meet marketing objectives, empathize with the audience and experiment with methods.

To get credible results, it’s important to isolate the effects of a marketing campaign.

Imagine you’re part of a marketing team in a large tech company. Despite being a market leader, the company has been struggling in recent years. Customer satisfaction keeps dropping, and profit margins are shrinking.

The team learns that customers are unhappy because sales agents don’t understand the products, and so can’t make good recommendations. To address this, they design an internal campaign to educate the sales force. They work overtime on it, conducting training sessions and distributing resources. After the campaign ends, sales increase by 30 percent – a great outcome for the team!

Communicating results helps secure funding and support for marketing efforts.

Putting a marketing campaign together is no small feat. From identifying a business need to finding a solution that fits perfectly and implementing it, it takes a lot of time and resources. So a positive return on investment from such a campaign is definitely a reason to celebrate.

However, getting a return on investment is not the end of the story. If marketers want support and that all-important funding from their higher-ups, they need to share their results.

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Worum geht es in ROI in Marketing?

ROI in Marketing (2020) lays out a framework for planning and running effective marketing initiatives that deliver good financial results. Using design thinking principles, ROI in Marketing breaks down how to create chains of impact in marketing campaigns and monitor their effectiveness to ensure positive returns on investment.

Wer ROI in Marketing lesen sollte

Marketing professionals who want to up their game
Executives looking for a financially viable marketing blueprint
Students and teachers in the field of marketing

Über den Autor

Jack Phillips is a leading measurement and marketing researcher. He’s written and edited over 100 books on the subject, and is the chairman of the research consultancy ROI Institute.

Frank Q. Fu is an associate professor of marketing who’s worked with numerous companies in America and China.

Patricia Pulliam Phillips is the president and CEO of the ROI Institute. She’s written over 75 books on accountability and measurement.

Hong Yi is a performance improvement consultant whose clients include IBM, Johnson & Johnson, and Samsung.

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