Value of Measuring Marketing ROI
Using facts and data, researching the brand and a detailed action plan are among the ways to convince stakeholders to spend more on marketing. These approaches were identified by several experts in the field as ways that are effective in increasing stakeholder spending.
Facts and data
Most professionals provide stakeholder with facts surrounding the features and benefits of the product or solution they are marketing. It is therefore encouraged to use data to support a case or claims to stakeholders. Most professionals provide stakeholder (for example the decision makers) with facts surrounding what are the features and benefits of the solutions being marketed. This inevitably leads to better buy-in which results in the spending of more money. Netflix is a big brand that uses data analytics for targeted advertising. With over 100 million stakeholders, the company collects huge data, which is the key to achieving the industry status boost which they have seen in recent times.
Companies have noticed that research is a valued currency to stakeholders. Therefore, market research on their own firm and clients is considered a high-level standard. It is also effective when cited to effect change on spending more on new marketing strategies. They have stated that nothing is more relevant or persuasive than what your client has to say about your product or brand. Companies have stated that valuable information comes from market research. They have indicated that this is because the brand has taken the time to gauge responses to their products and get customer feedback on what needs to change. They believe that this is a great way to keep evolving. Companies listed this as a key way to changing the minds of stakeholders in regard to the ROI on marketing.
a Detailed Plan of action
In addition to highlighting the facts, and using research, companies have indicated that showing the stakeholders a detailed plan of action with timelines and milestones on how the benefits will be realized is key when trying to convince stakeholder to spend more money. Companies have stated that developing an action plan can help change makers turn their visions into reality. They stated that an action plan describes the way your organization will meet its objectives through detailed action steps that describe how and when these steps will be taken. The plan should be complete, clear and current. It is believed that since some stakeholders do not believe that marketing can make a difference, that is, they do not have confidence that marketing can actually improve growth or profitability. They fear to spend money and time, only to have nothing change. In some cases, they may even question the competence of their marketing team. However, having a detailed plan of action can persuade stakeholders to spend more.
In conclusion, we have presented three ways to convince stakeholders to spend more on marketing. These include using facts and data, conducting research on the brand and preparing a detailed action plan.