Description
RE: DQ 2 ROI of Marketing
Participation Post: Optional, but counts toward your Participation Points.
Hey Michael/Class:
Michael: Thanks for your insight on the market research element — Yes, if you are buying data, you must know where it came from and some other specs about it. Then you can feel more confident about using the data.
Class:
We now turn to DQ 2, where we discuss the business term “Return on Investment” or ROI, but focused in the marketing world (sometimes called ROMI). Here’s why we need to know ROMI:
You’re the Marketing Manager, and you spent $150,000 on a variety of marketing tactics (both traditional like print ads, and digital like Social Media) last year. Now for next year, your boss tells you to cut the budget by 10%. If you did not track ROMI, how would you know what to cut?
If we’re not careful, we’ll just be doing “RAM” – Random Acts of Marketing.
So check out this short video (2 min, 40 sec) on the ROI of Marketing: https://www.youtube.com/watch?v=AvfXyuiBn2o
Question
What was the most important element you got out of this video?
Thanks for watching & reading,
Professor John Troutman
Reference
Surfside PPC (2020, Oct. 6). What is ROI? Advertising and marketing ROI explained for beginners. [Video] YouTube
