"My Marketing Werx"
Top 5 Online Marketing Myths -- #5 Return On Impressions
Myths prevail in every segment of life and online marketing has created more than their fair share as the industry has evolved. You probably encounter several of them quite frequently (or even daily) as you run your business or support your marketing teams.
To help dispel some of the major online marketing myths; here are some of my favorites:
Myth #5: ROI – Return On Impressions Is An Important Metric
This one just cracks me up! An article in ForbesWoman received a lot of flak from real-world marketers who are used to regularly collaborating with entrepreneurs, CEOs, CFOs, and COOs to justify their marketing efforts and obtain budgets that support business growth.
Touting “Return On Impressions” as the “new ROI of social media and online branding”; this soft metric is similar to the ones used by billboard sales people. Suggesting that “eyeballs”, perceptions, opportunity, and engagement in and of themselves have a direct impact on business revenues is confusing at best and leads to inaccurate decision-making at worst. While attempting to measure these factors is a valuable exercise, what the author is really talking about is the soft side of ROO – Return On Objectives, a term that has been around for ages.
At the same time, it no longer surprises me that so many people in the industry are still stuck in the “Mad Men” age of impressions and exposure; rather than the incredible world of tangible, measurable marketing initiatives that focus on meeting the interests and needs of their core markets.
Well done target marketing utilizes a process of various causes and effects over time to produce an intended (and profitable) result. We commonly talk about relational (vs transactional) points of view with a focus on higher monetary returns on your investment per relationship rather than volume revenue based upon commodity sales.
Interested in creating a new metric label that has some quantitative teeth and would be welcome in C-Suite discussions? May I suggest ROR – Return On Relevancy and utilize already proven calculations that ensure it is highly correlated with hard ROI.
What are your favorite myths? Feel free to comment and let us know what you think.
Next week... Myth #4: “Likes” Are Correlated With Revenue-Producing Business
A marketing automation professional and guru with over 20 years of experience in target and online marketing, project management, and marketing operations; Kathy Swanson leads the Integrated Marketing Werx team to realize her passion of providing the right strategies, techniques, technology, and expertise for our clients’ marketing teams’ ongoing success.
Posted by Kathy Swanson, Integrated Marketing Werx on 31st January, 2016 | Comments | Trackbacks
Tags: ROO, buying behavior, effective marketing, Business growth, ROI, growth, profitable marketing, relevancy, social media, target marketing, online marketing myths, impressions, ideal prospects, ideal customers, online marketing campaigns, marketing processes, marketing challenges
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