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Description
Are you spending your marketing dollars on the right things? Do you know what to expect for the money you are spending? When all is said and done, what is your return on investment? These are questions that CEOs as well as bank marketers frequently ask themselves about expenses. Rightfully so, as top-level officials are becoming increasingly responsible for justifying expenditures.
In response to debacles such as Enron and Worldcom, Congress enacted the Sarbanes-Oxley Act of 2002. This act was designed to enforce greater responsibility for monitoring, measuring and reporting company financials.
Requirements of the act hold top-level officials more accountable for measuring results of expenditures, and marketing expenses are not exempt. However, by re-evaluating your marketing strategies and measuring return-on-investment, you will not have to worry about reporting and justifying your marketing expenditures each year.
There are five steps that can guarantee your marketing expenses are being measured and your accountability is covered:
1) Align marketing strategies with strategic goals.
Stephen Covey is famous for coining the phrase, "Begin with the end in mind," and that's a great way to think of marketing strategy... |
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