The Yardstick

I was having a conversation last week with one of my contacts in a life sciences company, who was lamenting the fact that not only do unrealistic questions get asked about ROI regarding digital/social media strategies, but that there seems to be a dearth of any holistic way of tracking effectiveness for ALL marketing efforts.

Do we REALLY have a clue about the financial value and return our various marketing initiatives, across all channels? Is there an effective way to benchmark marketing ROI across all channels?

From what I’m seeing, very few companies are taking a holistic view of marketing strategy/effectiveness across multiple channels; most still seem to be stuck in the inertia of looking only at silos, and only at short-term results.

So – if you know of a company that is really making progress in this area (life sciences or not) – can you share in the comments how this is getting done? I’m not looking for answers like, “we backed up a dump truck with all the gold in Fort Knox to the front door of a big global consulting firm and they re-engineered us!” I’m looking for tangible solutions, and/or groundbreaking examples.

What are you seeing? Please stuff the comments with ideas, suggestions, helpful links…thanks!

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