As promised, here is Part II of our two-part Facebook for Business series, Facebook 201! If you missed Facebook for Business 102, here’s the link:...
Return on Marketing Investment
You have probably heard about ROI (Return on Investment) but have you ever heard of ROMI, or Return on Marketing Investment? This is how we can quantify the impact that marketing dollars have on our bottom line, and how we can justify or prove that marketing is worth it!
But it’s not just about numbers. There are certain things like branding, that is hard to measure or place on a spread sheet. Its harder to demonstrate top of mind, or being in the right place at the right time, or referrals in a way that’s easy to count and display in the boardroom, but these things are still important.
Being able to demonstrate a clear ROMI is especially important when budgets start to shrink (such as in a recession, during a pandemic, market downturn) as marketing budgets are often the first thing to go, even though they should be the last thing that goes. Being able to ‘prove’ (or just as importantly, disprove) that your marketing tactics are working is the best way to stop wasting money, and get the results you are looking for.
Collecting data and knowing how to evaluate it can help you pivot when you need to, so that your dollars are going to areas that will give you the most ROMI. This is how you turn nothing into something, make the most with the least, and streamline the whole process.
But how do you know what to measure?