Make the most of marketing
Tim Lennard explores what businesses can do to ensure return on their marketing investment.
It’s always encouraging to see constructive, informed dialogue between finance and marketing when budgeting or measuring a return on marketing activities. It doesn’t always happen.
A key role of marketing is effective communication, but that’s often absent when informing internal stakeholders about what they’re doing, why they’re doing it and whether it’s working.
Often the issue is that marketing and finance have not framed the discussion in a way that is meaningful to both parties. So how can businesses do this better?
Historically, marketing has been difficult to hold accountable to quantifiable outcomes, often because it wasn’t possible to accurately measure the impact in a reliable or objective way.
Today, more and more marketing activity is traceable, with activities and responses leaving a digital footprint that helps measure impact.
This is an extract from the Business & Management Magazine, Issue 276, July/August 2019.
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Full article is available to Business and Management Faculty members and subscribers of Faculties Online.