Ultra-competitive modern marketing can daunt even the most seasoned executives, so everyone is on the lookout for helpful big ideas. Online-marketing expert Andy Frawley delivers by putting the focus back on the customer. Frawley introduces “Return on Experience times Engagement” (ROE2), which he calls “a fundamentally new model for marketing” that can augment the usual return on investment assessment. He backs up his innovative suggestion with positive business results, professional knowledge and empirical data from surveys of more than 4,000 consumers. getAbstract suggests Frawley’s customer-centric approach to marketers seeking new ideas to consider as they make the shift from traditional measurement practices to digital platforms.
Are You Still Asking the Right Question?
Is strict reliance on conventional marketing metrics, including return on investment (ROI), becoming passé? Time-based, short-termed and reductive, ROI doesn’t account for the cumulative costs of marketing campaigns. It can’t measure customer experiences and how they affect public attitudes.
Instead, it focuses on marketing-campaign calendars, which have limited relevance in the constantly flowing digital age. ROI was an innovative, viable marketing metric when DuPont employee Donaldson Brown came up with it in 1912, but it may not cover enough territory in today’s business world.
No one is going to retire ROI. Traditional metrics continue to provide useful marketing data for timing, targeting and content design. But conventional metrics can’t deliver the holistic analysis modern marketers require. Today, you need to track the full “customer journey,” which includes “experience and engagement,” two factors that ROI can’t measure.
In addition, ROI is out of step with the following five “tectonic shifts” in business:
- “More media, devices and disruption” – In the past, media outreach was ...
Andy Frawley is president of the marketing firm Epsilon Data Management LLC, where he is responsible for general management, sales, marketing, online solutions, strategy, development and marketing technology.
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