What’s a Metric? Where do I buy one? Is it a package? – Pat McGrew, EDP
Some of my friends in the industry introduced a term to our world that marketers have used for some time – ROMI. Return on Marketing Investment. It’s meant to form a metric that tells you if the investment you are making in marketing activities is actually moving you forward with respect to your corporate revenue goals. One of the challenges of introducing this metric to the conversation is that there are many ways to calculate it. In fact, if you survey half a dozen marketing books, you’ll find general agreement that there is a calculable metric – but you won’t always find the same method to calculate it.
What that means is that one person’s ROMI might not match anyone else’s ROMI. It also means that if you aren’t 
a financial wizard, or comfortable with the details of metric development and the nuances of interpreting metrics, ROMI might not be the place to start. That doesn’t mean you abandon the value of metrics – it just means you look for the things that help you identify success of campaigns and indicators of growth.
One of my favorite books at the moment is Mark Jeffrey’s Data-Driven Marketing: The 15 Metrics Everyone in Marketing Should Know. You can find it online at your favorite retail book outlet. What I love about this book is that it walks through metrics that make sense to track, no matter what your business. But, if you happen to be in the printing business and you’re looking for ways to help your customers identify the value of a data-driven marketing campaign, this is the book you want to read.
See full article at: E-Document News.
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