Measure Results and Keep Your Budget
By E. Jane Lorimer
While reviewing some recent industry research, I found some powerful information that I'd like to share with you.
According to research conducted by Blackfriars Communications of Maynard, Mass, companies expect to boost their marketing budgets 20% this year over last. Even though the economy is not yet what I'd call 'robust,' it indicates a higher business confidence than in recent years. When companies begin to boost marketing, it drives sales again and that will boost the economy.
Here's the meat on the bones - Blackfriars also determined that companies that measured marketing results spent about 90% of their marketing budgets in 2004 while companies that did not measure, spent 67% of their marketing budget. boost the economy.
I suggest the difference in what was spent (kept in the budget) is because marketing managers who measure to support investment decisions can justify spending more of their allotted budgets and those who don't measure will walk away from marketing avenues, thus leaving part of the budget unspent or have it arbitrarily cut midyear. boost the economy.
Tradeshow Week Executive Outlook research found 49% of exhibitors still don't track or measure ROI or ROO within their trade show and event programs. boost the economy.
It you have to fight for your share of dollars and/or to keep your budgets (and your own salaries!) for trade shows and events, start measuring results. It will make a difference - not only in gaining and keeping budgets but also in strategic placement of funds.
E. Jane Lorimer, Managing Director
Lorimer Consulting Group - Denver, CO