Jim Lenskold, the author of one of the top five most influential books on marketing, ‘Marketing ROI’, was at the Capital recently, where he spoke on ‘Maximising Marketing ROI’. The agenda was to give an overview of marketing ROI, calculating and analysing ROI of marketing, measurement and guiding strategy and budget allocation decisions.
The seminar discussed how to get the maximum from the earmarked marketing budgets, thereby delivering favourable results. Lenskold said, “The challenges in ROI based marketing are the pressure to demonstrate clear financial outcomes, CMOs need to bring in greater insights, the lack of consistency, and relevance in measurements and the gap in credibility and respect for marketing.”
The seminar aimed at tackling the much-debated issue of Return on Marketing Investment, which most organisations seem to be battling with. It also tried to zero upon the right methodology to evaluate the same.
While giving an overview to Marketing ROI, Lenskold touched upon various topics, including understanding the ROI framework, what’s missing with traditional marketing metrics and the key challenges and opportunities.
The seminar also discusses ways to calculate and analyse ROI of Marketing, where he elaborated upon accurately defining investments and returns, creating alignment and integration with the sales and marketing ‘funnel’ and applying advanced ROI analysis to maximise profitability.
For measuring marketing impact, the seminar did a review of measurement methodologies available, defined measurement objectives and also discussed ways to integrate multiple methodologies. The seminar delved upon various ways how ROI techniques could be put into practice.
Jim Lenskold is an international speaker and well-known marketing expert. He is also the President of the Lenskold Group.