Return on marketing investment (ROMI) has become a hot topic – as more marketing departments are putting more emphasis on justifying marketing expenditures. ROI can be something of a blunt instrument though – if it only measures the revenue earned from individual campaigns, relative to their hard costs. There are also subtle – and often forgotten measures of ROI. Without a clear reading all of the inputs it is like flying a plane taking readings of altitude and speed without factoring in wind speed and direction - or how much fuel it will take to reach your destination.
At BrandWorld, In our dealings with marketers from across a wide spectrum – ranging from health and FMCG to financial services – we have noted that one of the most pressing issues confronting our clients is the demands that the marketing process makes on their time. As a result we have developed systems and processes that are lighter and more agile.
One dimension our client feedback routinely features is how easy it is to work with BrandWorld. We operate a flat structure, without complex chains of command or cumbersome planning or reporting systems. We don’t offer a line by line cost analysis of every job – which is not to say we don’t take care to deliver not only on time – but also on budget. When our clients need to discuss a production issue, say, then they speak directly to our head of production – who ensures that all of the team assigned to the project are aware of the client’s needs. It makes the process more streamlined, consumes less of the client’s time resource and speeds the process.
We also proposed objective media strategies that aim for cost efficiency over any other default. Reaching the desired audience effectively is central to our thinking. Whether we deploy digital and social strategies or television – the deciding factor is always which option will get us to our objective most efficiently. We’ve developed media models that don’t rely on ‘carpet bombing’ the market with media. Even when we recommend television to our clients – we aim to be as precise as possible – where the quality of environment outweighs quantity in making media recommendations.
Aside from the financial outcomes of marketing investment it’s also important to consider the inputs required to deliver those returns. For example, it’s tempting to imagine that a social media campaign has a a high ROI because the cost of media is negligIble – or even zero. But the time spent planning and creating suites of creative to populate those ‘free’ campaigns can be significant – and, ultimately be a drain on resources. Earning click-through rates in the very low single figures would be considered an abject failure in most business environments – but are the norm for many digital campaigns. That can be a problem in a very small market like New Zealand.
At BrandWorld, we take care to ensure every campaign aims for objective efficiencies in every aspect of of planning, creative, production and media – we aim to leave nothing to chance.