By Amy Hastings
In business, and in marketing a business, success is a crisply defined set of metrics that help us gauge the effectiveness of an approach or strategy. These data points and the value they represent are evolving though.
Sometimes actions can’t be measured by the number of inbound dollars or click-through conversions. Happiness, morale, changed behaviors and perception are based on human emotions, not money.
These objective-based metrics, determined at the offset of a campaign, allow us to capture returns in areas that cannot be measured financially, and when combined with appropriate Return on Investment (ROI) data, offer a broader interpretation of customer goals and objectives met.
Return on Objective (ROO) can be defined as “the total cost of a campaign divided by the number of objectives met.”
This calls for establishing goals in the beginning, and an understanding that the data will offer insight into a softer data set, albeit just as important. This is where the evolution is occurring; audiences are looking for authentic engagement in today’s environment.
Traditional advertising and communications, focusing on selling a brand or message, is no longer effective. People want to feel a connection with the brands they interact with, from the food on their tables and products they purchase to the employment they seek and companies they choose to invest in.
Understanding the differences between ROI and ROO, as well as where they intersect, is a critical learning curve that modern businesses need to embrace in multiple areas – from corporate culture development to customer development and retention.
Find ways to weave ROO into your business and marketing strategies; thinking beyond the dollar bill is a very effective way to build a strong, respected and successful brand.
Amy Hastings is an award-winning strategist and creative professional, and develops and manages national marketing and communications initiatives for BBRS and its clients. She leads an experienced team of professionals, developing strategies that enhance growth, brand development and public awareness. Learn more.