What’s the ROI on ROI Measurement? – by Jim Lenskold

Something rarely seen appears in Jim’s article on five key principles for improving marketing ROI within the Digital Marketing One series for CMOs.

Namely, an ROI calculator for ROI measurement. Click the image and see the “Measurement ROI” tab on this calculator by the Lenskold Group.

ROI calculator for ROI measurement

I have been loving how the authors in our Digital Marketing One series have packed pearls of wisdom from long years of front lines experience into tight paragraphs. Almost taking for granted the hard work that has to happen in order to follow the best practice recommendation.

Nothing comes easy.

Two gems in Jim’s article I’d like to quote. Here comes the first:

“measurements must be prioritized based on the expected improvement to effectiveness, the strategic benefit of gaining insights that can influence many marketing initiatives, and the cost.”

In other words a metrics based approach to metrics!

Here one more gem:

“Key measurements to improve digital marketing include: … Capturing incremental sales conversions and customer value to optimize the digital marketing spend. …”

Advice like this tends to be written out in long, long blog posts or entire books when us web analytics people try to write about it.

Notice the little word “incremental”. Don’t care whether you use first touch or last touch or hold out groups. But the key to useful measurement is to get to that incremental contribution. Otherwise we are just wasting time on numbers games.

Easier said than done, of course.

So Jim article’s hsa advice on five best practices.

Jim is the author of Marketing ROI and an international speaker on the topic. At his firm, Lenskold Group,  his team produces and publishes many articles and research on the topics of marketing ROI, marketing strategies and business growth strategies.

 

Marketing ROI

 

See Lenksold.com for additional free ROI measurement resources.

3 Responses to “What’s the ROI on ROI Measurement? – by Jim Lenskold”

  1. Loved the ROI calculator!

  2. Cool company, your SkyGlue, Eric. Your FAQ answer of how it is different than Google Analytics is nicely done too. Something we are all asked to answer very often.
    …………………
    How is SkyGlue different from Google Analytics?
    There are two fundamental differences.
    First, SkyGlue offers user-level tracking & analysis while Google Analytics offers aggregated stats.
    Second, SkyGlue focuses on post-conversion event-based tracking while Google Analytics emphasizes pre-conversion pageview-based tracking.
    We offer complementary service to Google analytics.
    …………………
    The focus on customers and growing LTV is very much after my heart as well. Keep us posted on your solution. It is amazing to watch all the new analytics firms each adding a different piece of value to the puzzle.
    Akin

  3. Thanks Akin for the encouraging comments.

    We are having a new product coming out in a few days and I will definitely keep you posted.

    I am keen to hear your feedbacks.

    Eric