Is Your Marketing Working? Use This Ratio to Find Out

Nearly everybody who works in marketing knows the John Wanamaker quote, “Half of the money I spend on advertising is wasted; the trouble is I don’t know which half.”

You may have just rolled your eyes at what you consider to be a trite and outdated quote, and you would be right to do so.

In the past, tracking marketing spend against ROI has been like trying to nail smoke to a wall. Marketers poured money into different programs without knowing which programs bring in customers and which programs go to waste. Sure, we had anecdotes about people saying they really liked what they heard on a webinar, but there wasn’t hard data.

Today, however, as many marketers know marketing software helps take the guesswork out of what works and what doesn’t. Not only does this make John Wanamaker’s quote obsolete, it also puts the marketer in a position to say, “We’re getting great return on our trade shows, and we should put more money into it; sponsorships we can cut by 30 percent.”

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http://www.inc.com/jon-miller/use-this-ratio-to-find-out-if-your-marketing-works.html