3 Most Common Mistakes Marketing Executives Make That Destroy ROI

I see it time and time again. When I work with some of my healthcare and enterprise clients, I’m surprised at the limited understanding they have of their competitive environment and consumer attitudes toward their brand.

Even with the big agencies, marketing plans and CRM by their side, all the shared big data isn’t being truly integrated. It’s vital to have a comprehensive approach that offers a complete picture with measurable ROI from all of the efforts.

Here are 3 common mistakes most marketers make that have a significant negative impact on ROI:

  • They consider competitive intelligence, including ad spending, share of voice analysis and creative analysis, a lower priority. Ultimately, they miss out on knowing where they stand relative to their competition, and whether they need to change strategies to improve their marketing ROI.
  • They don’t track their competitors’ activity routinely. This typically happens when the President screams about a new competitive offering that (s)he has seen in print, on the web or on TV, and wants to know why the marketing department isn’t addressing the competitive threat that advertising and public relations monitoring begins. Often, this is late in the game. If marketing had known about the offering sooner, they could have circumvented the competitive threat.
  • They look at marketing research as an expense rather than as an investment. Because of this, they engage quantitative research services that are not totally customized to the strategic marketing goals of the brand. With custom research, invaluable insights can be gained that can’t be revealed through syndicated data, such as key drivers of preference, brand positioning and deep insights into your competitive set.

If you’re curious about how these mistakes may be affecting your ROI, I invite you to have a conversation with me. Whether or not we decide to do business together, I am confident our call will be full of insights that will help you gain a competitive advantage. Here is a link to my calendar: https://www.timetrade.com/book/G49ZM

I look forward to our call. If you’d like to reach out directly, please call 866.508.9508 or cheryl@strategiciv.com