What is Your Marketing ROI?

If you were asked about the ROI (Return on Investment) you are getting from your marketing campaigns, would you be able to answer? With the age of digital marketing upon us, there aren’t many excuses why you are unable to get clear and granular ROI data. In an article written by Gerald Chait, he talks about a pioneer of marketing, John Wanamaker, and the problem he faced which marketers are still dealing with today.
“John Wanamaker (1838-1922) was a very successful United States merchant, religious leader, and political figure, considered by some to be a ‘pioneer in marketing’. He opened one of the first and most successful department stores in the United States, which grew to 16 stores and eventually became part of Macy’s.” John Wanamaker was credited for the phrase, “Half the money I spend on advertising is wasted; the trouble is I don’t know which half”. This is a problem that marketer’s experience often. Living in the late 19th to early 20th century you can imagine the lack of resources he had to get his brand out there. As Chait writes, “fast forward 93 years (1922 to 2015) and it’s very sad that John Wanamaker isn’t alive and with us today. He would have his answers, as many of us do. He would be able to accurately and precisely measure the ROI of practically every single activity and dollar spent”. Utilizing the analytics platforms that exist today can help you see ROI results in real time.
Chait explains how the days of vague information and rough estimates about target audiences are gone. Technology today allows you to personalize and customize your advertising message to a targeted demographic; you could build a campaign specifically designed for every individual. “Attracting the right people, converting them into leads, closing the sale and delighting the customer is about setting objectives, designing strategies and implementing scientific, measurable tactics that maximize goodwill, sales, revenue, and profitability.” Consider these the essentials of marketing and a guideline to follow when creating any marketing campaign.
Many marketing teams find themselves using a spreadsheet to manage their campaigns. While a spreadsheet is a rudimentary solution for running a few campaigns, it can quickly grow to be unmanageable as the number of campaigns increase. Additionally, as your team grows, it becomes a much bigger process to ensure your team members are using the most recent version of the spreadsheet. These problems can be solved with a data governance platform that is specifically built to address the issues above.
Claravine is cloud-based, data governance platform made to streamline, optimize, and unify tracking code link creation. In the cloud-based solution, you can keep your tracking code creation consistent across all channels and you will no longer have to worry if every marketer is using the latest version of your spreadsheet. Additionally, if you are having trouble with inconsistencies in your data, such as typos, unwanted characters, or incorrect values, then adding a data governance layer like Claravine will help reduce those inconsistencies.
Claravine enables marketers to generate and classify tracking code links consistently before the ad is served and it hits your analytics, giving analysts clear and accurate data to help you see a greater return on your marketing investments.
If you would like some more information on how a data governance layer, like Claravine, can work for your marketing endeavors reach out to the experts at Claravine.

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