7 Ways to Prove Your Marketing Worth!
Integrated marketing is the latest buzzword sweeping across the PR and Communications industry. While everyone is solely focused on Facebook likes, Twitter followers and Instagram hashtags, use this opportunity to get ahead of your competitors. Follow the 7 Barcelona Principles and see how industry standards can help you streamline your marketing efforts to prove ROI and the true value of your marketing efforts.
1. Set goals and measure them
By measuring new followers against actual followers, you can better understand the impact on your target audience and see if your campaign is working and then report your results to your board.
2. Measure communication outcomes
There are a multitude of KPIs that many companies implement to help develop a strategy, which helps inform business insights. Remember when Wendy’s threw shade at McDonalds last year? It was especially important for Wendy’s to measure social sentiment to see how their infamous tweet was publicly perceived.
With such a positive response, Wendy’s continues to throw shade at other companies and individuals on social media to great fanfare.
3. Measure organisational performance
Don’t forget to measure the performance of the overall business and not just the campaign! Both qualitative and quantitative methods can be used to show that even a single tweet can affect the whole company. For instance, the more active a brand is on social media, the more engaged customers become.
And research tells us that engagement drives profit!
4. Evaluate both qualitative and quantitative data
Numbers alone only tell half the story. The South Pole Group uses data to find out how large their audience is and can then analyse their audience’s perceptions – a perfect mix of qualitative and quantitative data. Is your company doing the same?
5. Don’t just use AVEs
Historically, Advertising Value Equivalents (AVEs) were exclusively used to measure ROI by calculating a dollar figure to a single ad. The obvious problem being that AVEs do not measure impact or effect, and are dependant on a range of arbitrary variables such as size of the space.
This magazine ad is a great example of why AVEs are not a true indicator of value. Sure the size of the ad is large and readership may be high, but its unfortunate placement drives down any proposed monetary value.
6. Measure social media
If you’re a medium to large-sized company, chances are you have no time or no way to monitor the vast amount of likes, followers, comments, hashtags and any other social media functions out there. There’s simply too much data!
Luckily, media monitoring has come a long way and figures for reach, impressions, engagement and other KPIs that you should be tracking are readily available at the click of a button. Not only will you save time, your bosses will be impressed!
7. Be transparent, consistent and valid
Let’s not forget what happens to companies who fail to follow this simple principle. In recent memory Volkswagen, 7-11, BP and Dick Smith plus many others have all been plagued by scandals due to deceit and illegal activity. In short – do the right thing. If that doesn’t entice you, latest data shows that businesses that do the right thing are reaping monetary benefits due to their ethical behavior.
To make sure you’re following the Barcelona Principles in order prove ROI and your marketing worth, connect with us now.