Return on Marketing Investment (ROMI), is about justifying and innovating better campaigns to optimise your marketing "spend" or rather marketing "investment".
This programme focuses on understanding marketing metrics. Four hours completed at your own pace.
A key part of our process of success at creating performance-driven marketing organisations is getting agreement between Marketing and the rest of the leadership team on how marketing performance should be measured. This is a critical step in ensuring you are focused on the right data and analytics. Organisations today are dealing with increasing market pressure and competition, and an exploding amount of data. The ability to transform data into actionable business insights that can be used for improving both marketing effectiveness and efficiency is a central challenge and a critical capability for marketers.
ROMI is about measuring any marketing or sales initiative, and an attempt to measure the aggregated effectiveness and efficiency of the marketing organisation to achieve corporate objectives.
The key concepts and ideas covered:
Marketing Metrics: Two case studies.
Why we measure: Costing out alternative marketing spends (i.e. increase return or decrease investment) case study.What we measure:
a) Customer Asset: Satisfaction, Loyalty, Behaviour (recency, frequency, monetary amount, Customer Lifetime Value (CLV), Discounted Cash Flows).How we measure actual and expected outcomes:a) Intermediate outcomes (purchase intent); andb) Final Outcomes (Sales, GP%, profit, ROI).The ROMI debate: Art and Science (use to "Guide, don't Prescribe").
Facilitator: Ian Rheeder
Mastering advertising, promotions, events, and market communication techniques to ensure ROI for your company.
Ian is a registered Chartered Marketer (CM), the highest professional marketing qualification recognised in Europe. He also has an MSc (cum laude) in The Management of Technology & Innovation. Prior to starting Markitects Consulting in 2005, his last corporate position was marketing and sales director for the global zipper giant, YKK. He is currently a strategic consultant and facilitator and is regularly voted as the best speaker at conferences.