What’s the ROI on ROI Measurement? – by Jim Lenskold
Namely, an ROI calculator for ROI measurement. Click the image and see the “Measurement ROI” tab on this calculator by the Lenskold Group.
I have been loving how the authors in our Digital Marketing One series have packed pearls of wisdom from long years of front lines experience into tight paragraphs. Almost taking for granted the hard work that has to happen in order to follow the best practice recommendation.
Nothing comes easy.
Two gems in Jim’s article I’d like to quote. Here comes the first:
“measurements must be prioritized based on the expected improvement to effectiveness, the strategic benefit of gaining insights that can influence many marketing initiatives, and the cost.”
In other words a metrics based approach to metrics!
Here one more gem:
“Key measurements to improve digital marketing include: … Capturing incremental sales conversions and customer value to optimize the digital marketing spend. …”
Advice like this tends to be written out in long, long blog posts or entire books when us web analytics people try to write about it.
Notice the little word “incremental”. Don’t care whether you use first touch or last touch or hold out groups. But the key to useful measurement is to get to that incremental contribution. Otherwise we are just wasting time on numbers games.
Easier said than done, of course.
So Jim article’s hsa advice on five best practices.
|Jim is the author of Marketing ROI and an international speaker on the topic. At his firm, Lenskold Group, his team produces and publishes many articles and research on the topics of marketing ROI, marketing strategies and business growth strategies.|
See Lenksold.com for additional free ROI measurement resources.