Research - Marketing ROI
Marketing is operational area requiring both extensive capital and human resources, and needs to be efficient and effective.
Marketing elements that influence decision-making and purchase, and can be measured include:
- - Advertising
- - Promotions
- - Websites
- - Editorial
- - Special events
- - Trade and consumer outreach at shows and conventions
- - Social media
Among the critical questions for effective/efficient marketing:
- - How many people inquire for information from your entity?
- - What share of these is the target market?
- - How many ultimately visit and/or purchase (conversion)?
- - To what extent did organization marketing influence visitation and/or purchase?
- - Which marketing elements were most influential?
- - What were the economic and fiscal impacts?
Marketing return on investment (ROI)/conversion need to be measured accurately and specifically as various ROI measures can be used, including:
- - return from consumer spending against marketing and/or organizational budget
- - return taxes generated against marketing and/or organizational budget
- - return to other funding organizations (e.g., public sector)
Conversion studies conducted by LSC – pre-and/or-post campaign— use proven methodology applied to the specific situation that identifies the visitor/customer behaviors (length of stay, lodging, transportation, spending, etc.), influence of targeted media on visitation and spending, along with visitor/customer demographics.
The results quantify purchase and visitation, as well as conversion rates, spending, economic “return on investment,” and taxes generated, to help marketers assess program effectiveness and any needed changes in media or resource allocation.