It seems that executives are having a hard time measuring their Return on Investment with various channels of advertising, the Center For Media Research reports....
"According to a new study by Ifbyphone, the 2011 State of Marketing Measurement Report, there is a large gap between executive demands and ability to demonstrate return on marketing investment. While fourout of five marketing executives say they are expected to deliver measurable results, only 29% cite they can effectively achieve this across all channels.
Irv Shapiro, CEO of Ifbyphone, explains that The ease of tracking online metrics... (and) the lagging economy... has driven the expectation that every marketing dollar needs to be accounted for... yet, 82% of ad spend still resides in offline channels... difficult to measure...
However, while 87% of ChiefMarketing Officers strongly agree or agree that every campaign should be measured, more than a quarter of Marketing Assistants reported that they dont think marketing measurement is important.
Its concerning to hear that many of the future marketers of tomorrow dont understand the importance of measuring the success of their campaigns, said. We need to determine the root cause behind this sentiment, and whetherits a lack of education in best practices, or rather a gap in leadership and mentoring.
Marketing measurement expectations also varied based on company size in a bell curve, with midsized companies most concerned about measurement:
- Under 100 employees: 79% felt all campaigns should be measured
- 100-500 employees: 93% felt all campaigns should be measured
- 500-5,000 employees: 86% felt all campaigns should be measured
- 5,000+ employees: 79% felt all campaigns should be measured
Shapiro says that ... businesses can only get better at marketing if they are held accountable for improving upon what didnt work in the past... smaller companies lack the knowledge and human capital to effectively track all of their initiatives... larger companies are more likely to spend dollars on brand campaigns and goodwill efforts they know will be difficult to measure... both lead to lowered expectationsin those organizations...
The majority of marketers indicated they could not effectively measure the ROI of their programs. Eighty-two percent of marketers could not measure the ROI of public relations, while 53% of the group reported difficulty measuring the ROI of email marketing.
When asked to choose the most difficult type of campaign to measure, more than half of marketers chose offline channels. 33% cited public relations. and 27% say print advertisements as the mostdifficult to track, while only 6% selected email marketing.
Programs where its most difficult to measure ROI (% of respondents):
- Public Relations (82%)
- SEO (76%)
- Social media (74%)
- Tradeshow Marketing (72%)
- Print campaigns (66%)
- Online ads (60%)
- Direct mail campaigns (59%)
- Email marketing (53%)
The ability to track ROI could potentially be tiedto a lack of widespread use of available marketing tools, according to the report. The survey indicated the most-used tools include web analytics (48%), email marketing software analytics (47%), lead counts from online contact forms (38%), social media monitoring (30%) and call tracking (27%)."
Our suggestion is to pass on our website to those having problems determining ROI, the EFS Generator can determine return with Television, Print, Direct Mail, EMail, & Tradeshows and even Public Relations if you can help them with the questions and determine the audience and adapt the formula to the audience. The ROII generator can determine online campaigns, social media, and SEO marketing as you adapt the campaign to the metrics asked for in the formula.