Your strategic marketing plan needs to include an ROI goal, but what is a realistic strategic manufacturing marketing ROI goal? Here at StratMg, we recommend an overall marketing ROI goal of a 5:1 ratio of revenue to spending. That’s $5 of revenue attributable to every $1 of marketing spend.
Not every marketing activity will achieve the 5:1 ratio level of ROI. Some will perform better while some will not reach this rate of return on investment. Overall, though, this should be an attainable goal. So how do you plan for this level of ROI?
Assuming you have your market segments well defined and you’ve done your homework on the buyer personas, you’re ready to setup your marketing mix.
Your marketing strategy should clearly articulate channel priorities based on anticipated performance. As you consider your marketing budget and strategy for the coming year, think full circle. Ask yourself these questions:
Measuring marketing ROI continues to be a challenge. Integrating digital tracking across all platforms—in person and online—will help empower better ROI tracking. For tips on tracking in-person events, see our previous post.
This is a quick look at ROI for manufacturing marketing. Get in touch if you’d like to talk specifics for your company.
Image data source: Deloitte; American Marketing Association; Wall Street Journal; CMO Survey; and Duke University via Statista