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Blink 3 of 8 - The 5 AM Club
by Robin Sharma
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ROI in Marketing summary
Jack Phillips
The Design Thinking Approach to Measure, Prove, and Improve the Value of Marketing
11 mins
Brief summary
ROI in Marketing by Jack Phillips is a comprehensive guide for marketers seeking to measure the effectiveness of their campaigns. It offers practical steps for calculating ROI, evaluating campaign impact, and increasing marketing efficiency.
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ROI in Marketing
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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.
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What is ROI in Marketing about?
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.
ROI in Marketing Review
ROI in Marketing (2019) uncovers the secrets to achieving a high return on investment in marketing efforts. Here's why this book is worth reading:
- Presenting practical strategies and techniques, it provides marketers with actionable insights to enhance their campaigns and generate better results.
- Through real-world case studies and data analysis, the book offers concrete evidence of the effectiveness of various marketing initiatives.
- With its engaging storytelling and relatable examples, the book manages to turn what could be a dry topic into an intriguing and informative read.
Who should read ROI in Marketing?
- Marketing professionals who want to up their game
- Executives looking for a financially viable marketing blueprint
- Students and teachers in the field of marketing
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ROI in Marketing FAQs
What is the main message of ROI in Marketing?
The main message of ROI in Marketing is that calculating and optimizing return on investment is crucial for effective marketing strategies.
How long does it take to read ROI in Marketing?
The reading time for ROI in Marketing varies depending on the reader's speed, but it typically takes several hours. However, the Blinkist summary can be read in just 15 minutes.
Is ROI in Marketing a good book? Is it worth reading?
ROI in Marketing is a valuable read for anyone in the marketing field. It provides actionable insights on measuring and improving the effectiveness of marketing campaigns.
Who is the author of ROI in Marketing?
The author of ROI in Marketing is Jack Phillips.
What to read after ROI in Marketing?
If you're wondering what to read next after ROI in Marketing, here are some recommendations we suggest:
- Renegade Marketing by Drew Neisser
- The 1-Page Marketing Plan by Allan Dib
- Thinking, Fast and Slow by Daniel Kahneman
- Freakonomics by Steven D. Levitt and Stephen J. Dubner
- Marketing 5.0 by Philip Kotler & Hermawan Kartajaya & Iwan Setiawan
- The Science of Selling by David Hoffeld
- Accounting for Non-Accountants by Wayne A. Label
- Find Your WHY by Simon Sinek
- The Little Book of Stoicism by Jonas Salzgeber
- Measure What Matters by John Doerr