Today's Marketing Challenge: Is it worth it?
We talk to financial marketers from all over the country, every day. During our chats, we hear what's bugging you. This week, we'll address some of the more common issues we're hearing.
You're not alone!
Today's Marketing Challenge: Is it worth it?
Today's solution covers a wide variety of marketing challenges: "I think we need a MCIF or CRM, but they won't put it in the budget." "We need more marketing resources, but how do I pay for it?" "My department simply isn't respected at my institution ... marketing is more than 'arts & crafts!'"
The solution? Measure your results (or expected results)!
The simple solution is to demonstrate the value (or anticipated value) of your marketing efforts through ROI.
Think like a marketer and understand that your CEO/COO/CFO/Board/etc. are your target audience. You have to speak your target's language ... numbers!
What's that? You "don't do numbers"? Here's a quick cheat sheet:
ROI = (Incremental Profit - Marketing Investment) / Marketing Investment
The bottom line is:
- Define where you are at the start
- Determine the expected or actual outcome of your efforts
- Measure the financial outcome against your investment
What was your return? Can your CEO/Board get a better return by investing the bank's/CU's money in stocks, HR or IT?
ROI is simply the best way to brand marketing as much more than "arts & crafts." It's also the most logical way to justify your dream marketing budget and wish-list resources (like MarketMatch).
We have an in-depth Financial Impact Analysis form that we use to justify our
ROI Guarantee. If interested, call me at 937-426-9848 or email egagliano@marketmatch.com.
Take care,Eric
