In the past, marketing professors often taught that companies could not hold their marketing managers responsible for the success or failure of promotional programs. Numerous external variables that these managers could not control – including delivery problems, poor retail displays, sales slumps, competitors’ moves, buyer psychology, and so on – could undermine their outcomes. Marketing managers were off the hook when it came to results, particularly return on investment (ROI). Times have changed. Today, every corporate dollar matters and companies demand accountability from their marketing professionals. If a promotional program doesn’t work, its manager will quickly be out of a job. Strategic marketing consultant James D. Lenskold provides his tactics for calibrating marketing ROI, plus a basic “marketing ROI formula” you can use (with variations and, perhaps, some hands-on expert help) to quantify the returns you derive from your marketing efforts. Though his mathematical formulations can be daunting, his accessible work explains a logical methodology for measuring marketing programs’ results. Thus, getAbstract recommends this practical book to CEOs, CFOs and all marketing executives.
In this summary, you will learn
- Why basing your marketing on its return on investment (ROI) is important,
- How the marketing ROI formula applies,
- What benefits you will derive from using this approach to marketing and
- What challenges are involved.
About the Author
James D. Lenskold heads a strategic marketing firm. Previously, he worked at AT&T, where he helped develop innovative marketing.