An important aspect of winning is to realise that success is not a one-off event but an ongoing process, involving continuous development and improvement.
The temptation can be to avoid the step of measuring effectiveness, the practical limitations of time and future agendas sometimes make it seem impossible, the experience of ‘lines that don’t move’ from many research industry standard offers can understandably be somewhat off-putting and energy sapping. A global services business wanted to understand the return on its marketing investment, its communication budget, its new business pitch support and R&D activities. The starting point in this particular journey was to sense check where each member of the management team stood on the matter; what was important, what they felt they needed, what they had used successfully in previous lives and experiences. Ultimately what was installed underlines several components we believe significantly add value to ROI measurement initiatives:
- Link activity assessment to financial metrics, not simply demand metrics
- Immerse people in the diagnostics so as to build a cultural instinct about what works and does not work, don’t just make it a numbers or KPI exercise
- Search for and embed lead demand indicators into the measurement system so that it is tailored to help you look forward as well as understand the past; make it a living, breathing instrument with a core of consistency
- Be extremely rigorous in who participates and responds , this has to be right to be useful
- In international, multinational or more complex organisational environments take the opportunity to establish forums and communication opportunities for people to share their experiences of activities that work, to learn from each other and create really practical, transferable applications