Are you accurately measuring ROI? Accurately measuring your direct marketing ROI is important to your business and its success. It is often taken for granted that ROI reporting is routine and accurate. The reality is that ROI reporting can be tricky and details can be elusive. ROI reporting is comprised of several core components including cost, revenue, responder identification, and promotion history.
Promotion history is foundational to accurate ROI reporting. You need to know whom you marketed, when you marketed to them, the campaign, segment, promotion, channel, and in many cases other campaign/promotion attributes. And, it is a best practice to have ROI reporting capability at the unique individual, household, address, email, and phone number levels. Your marketing database, inclusive of your organization’s promotion history, is an essential component to your ROI reporting. Use it to understand and continually improve your marketing performance!
In future One-Minute-Briefs, Dovetail will continue to provide quick hitting thoughts and insights to help you get the most from your marketing database.