Good news for all in the the business of marketing – the latest IPA/BDO Bellweather report and survey (published Jan 18) shows growing optimism and budgets amongst marketers.
The report shows that whilst overall UK marketing spend fell in the final 3 months of 2009, of 300 marketeers polled, most expect their 2010 marketing budgets to increase on last year.
The same survey shows spend on internet advertising rising for the second quarter running and direct marketing budgets including email marketing, increasing for the first time since early 2007.
Track your return – grow your budget
With direct and digital marketing leading the recovery, now is the time for all us digital marketeers to make doubly sure we are effectively tracking the return on our digital marketing activities.
Once you can prove in a compelling way exactly whats working and put a value on that success then you have the ammunition you need to get more budget.
Here’s my advise on the 5 basic review steps to follow now, to ensure you’re getting the most from your digital marketing ROI tracking:
- Define which metrics are true indicators of success for your business
- Ensure you have the best way to accurately measure each of these key metrics
- Bench mark your metrics against previous years and where possible against those of your competitors, other divisions, and/or the market you are in
- Plot and understand your customers’ journey so you can calculate the value of each action resulting from your digital marketing activity
- Once you know the direct contribution of your email campaigns to your sales revenue , calculate the value of a permissioned email address to your business. This will help you drive investment in growing that database.
Thanks to my pals in the team of internet marketing consultants at our sister company, dotAgency, for their inspiration for this blog.