Optimizing your Marketing ROI in an Omnichannel Era

Jul 27, 2017 9:28:17 PM

There’s no denying, creating a seamless omni-channel experience is a hot topic right now. With the consumer decision journey changing, marketing has changed as well. Consumers are now going through all these channels from researching online and social media to seeing an ad as well as going in-store (or vice versa), before purchasing, making marketers depend more and more on data and measurement for all these different channels. Data has become the fuel that drives the modern marketing engine, thus creating an increasing trend in marketing analytics tools. The successful marketer will be the one that sets goals, analyzes and acts upon this data to optimize their marketing ROI (MROI).

Comparing online and offline together, in specific marketing stages can be challenging to quantify. What is considered acquisition for online vs offline? Is it in-store visits vs website visits? Can we compare these two? According to DialogTech’s State of Marketing Measurement report, 82% of marketers say their executives desire every campaign measured, but less than a third can effectively evaluate the ROI of every channel.


Therefore, to effectively evaluate the ROI of every channel, companies must integrate their analytics options to drive growth. This means having a dashboard for their online marketing as well as their offline marketing. An integrated approach which pulls data and insights from various channels reduces biases and provides business leaders with the flexibility to shift the budget toward activities that produce the most bang for their buck.

Setting, Monitoring, & Sharing Goals

There’s a strong correlation between effective goal setting and the success of a company. According to McKinsey & Company, “Better Marketing ROI starts with better objectives that are based in the consumer decision journey. Better marketing objectives, in turn, shape better metrics.”

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Almost every company requires their employees to set goals, yet few know the importance of setting goals and sharing goals. Statistics from Kaplan and Norton  state, 9 out of 10 organizations fail to execute a strategy, only 5% of the workforce understand the strategy, and 60% of the organization does not  link the budget to the strategy.

Goal setting is important because:

  • It helps you stay on track.
  • Setting goals is the clearest measure of success for an organization.
  • It can help you maximize your ROI.
  • It accelerates business operation execution.

Not only is goal setting important but it’s also very important to communicate it across your company.  Your team can get a holistic view of the true ROI when everyone focuses on how marketing impacts sales. When employees understand what needs to be done to succeed, it’s much easier for them to contribute. It also sets the stage for each employee to feel a greater sense of loyalty to the company, thus sticking around and performing better. Your company’s productivity and profitability can be directly traced to the top-down alignment communicated throughout the organization.


How are you optimizing your marketing ROI?

 

 


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