If you're anything like me, you dread the question from Senior Management, “What's the ROI of this multichannel marketing campaign?”. I think I'd prefer if they said, “Stand over there while I throw knives at you!”. The impulsive part of me would like to respond, “What was your ROI for the latest investment in ESC, ASCO or ESMO?”. But I know better! Regardless of when or how the ROI question comes, it will eventually arise and you should be prepared to answer it well.
First, you're going to need to know how the different stakeholders in your company define "success" for your multichannel marketing campaign. Some might want to know the dollars or euros that the campaign is contributing to the bottom line; others may be interested in how the campaign is satisfying customer needs; while still others may want to know what barriers the campaign has removed. A smart strategy for an ambitious multichannel manager would be to have customized answers for each of these questions. And a really astute manager would have a measurement plan in place based on KPIs for each of these benchmarks.
If you've read this far, you've realized that I cannot sit here and give you a perfect answer on how to measure the ROI of your unique multichannel marketing campaign. That will depend on your goals for the campaign and how you're defining success for your different stakeholder groups. Nonetheless, just so you don’t feel you've read this in vain, here are some ideas for you to consider:
- For Managers Interested in Revenue/Sales: record baseline sales prior to the campaign kick-off versus six months post-campaign launch. Here you'll demonstrate percent growth versus previous percent forecasted growth. You could also choose a control market where you do not run the campaign and instead compare test versus control.
- For Managers Interested in Channel Investment Strategy and Cost Control: six months post campaign launch, employ measurement of how each channel is contributing - reach and impact measurement. Our touchpoint optimization research has shown that 20 percent of touchpoints yield 80 percent of impact. Therefore, it's logical to target those 20 percent of touchpoints by investing more in them!
- For Managers Interested in Customer Needs: conduct pre and post-campaign surveys with customers.
- For Managers Interested in Overcoming Barriers: conduct an internal assessment of barriers to prescribing pre and post-campaign.
In all, be prepared and you'll have better luck dodging those knives! For more ideas on how to maximize your multichannel marketing efforts, check out our latest Edge of Insight report on Touchpoint Optimization.