How can I audit my current marketing collateral and find out their ROI?
Take a look at the marketing collateral that you are currently using and go through the following checklist to see if they have been designed to be effective.
- Basic items. Basic must-haves are business cards, letterheads, envelopes and thank you cards. Which ones are you using?
- Consistent. Do they all have a consistent look and feel? Do the corporate colours and fonts effectively represent the business?
- Effective. What is the objective of each piece of collateral? Have they been achieving the intended results?
- Clear. Is your message simple and clear, and can be read and understood easily? Are there grammatical errors?
- Magnetic. Does your content grab the interest of your target customers? Have you created interest by telling about benefits that customers really want?
- Action! Does the message compel the reader to take action? Have you provided multiple ways to contact you?
Return on investment is defined as the revenue received for every dollar invested.
Marketing ROI is therefore about measuring the results of your marketing activities against your marketing expenditure. You will then be able to identify which marketing activities have been the most effective in generating sales for your company and focus on these activities for the greatest returns.
A simplistic way of calculating ROI for a marketing activity is to look at the amount of revenue generated by that activity. However, in reality, a combination of activities rather than just one standalone activity would be responsible for driving your sales. Another method to determine the effectiveness of your marketing campaign would be to first establish specific and measurable goals, then evaluate how well these goals have been achieved.
