Use early wins above to build credibility
Monetize early wins
If you’ve followed the roadmap thus
far, you should have a set of early wins you can point to. To
build credibility, we recommend that you organize your wins into two
main buckets, based on whether the initiative reduced spending or grew
revenue and/or profitability. For example, you might want to
produce a gains chart that looks like this:
|Reduce Spending||Stop funding for any program that does not meet minimum ROI threshold||Ongoing||Accountability||Savings of $14M|
|Grow revenue||Improve ROI on average marketing program from 4x to 5x||Ongoing||Accountability||Increase revenue delivered from programs by $300M|
|Shift dollars in marketing mix to deliver optimal revenue and profitability||Q3||Effectiveness||Increase revenue in test geographies by 22% or $42M|
As you can see, ROI Marketing results in cost savings by helping to
screen out programs that are a poor use of funds because their expected
return is lower than other programs vying for funding at your company.
But ROI Marketing also contributes to growth in revenue when used as a
tool for continuous improvement over time.
By showcasing results in this manner, you and your team will build
the credibility you need to start to insert yourself in the new product
development process, which is the next-to-last step on the
roadmap: “Demand Planning”.