For so long, the formula was this: “the cost to complete the project is X and we hope it achieves Y.”
When the goal is direct revenue creation in a finite period of time, the ROI analysis is easy.
But so often that’s not the goal. When you consider the totality of your marketing activities, it’s increasingly things like this, which are not necessarily revenue driving – but still critical:
- An inspiring, effective sales meeting
- Higher social media engagement
- Increased attendance at an online summit, webinar or trade show booth
- Online lead form completions
- Positive sentiment and leadership mentions in media coverage
Determining what these outcomes are worth is the key.
Before a project or initiative begins, we work with clients to assign an economic unit of value to the desired outcomes. For instance, deciding together that a completed lead form is worth $200, because it represents a new active prospect. And if the project cost is $20,000, success is that we achieve at least 100 completed forms.
The result? Both client and agency go in to each assignment with clarity on what success looks like. Better yet, they know after the effort if they reached it and have consensus on the value of the services. The approach helps you defend your program to leadership and it helps the agency know their contribution.
Stop the guesswork on ROI by assigning economic value to every outcome. We’ll help you get there.
