What the Heck is ROMI?
In this blog I have the opportunity to offer inisghts and suggestions to you as CPAs, with firms predmoniantly in the smaller to mid-size range, in order to help you build your brand more effectively and keep you in the loop on some cool marketing ideas.
Recently someone asked me what ROMI is. The acronym stands for Return on Marketing Investment (similar of course to ROI). It is an interesting concept because marketing initiatives do not always have an immediate, measurable effect, making the "return" difficult to assess. And yet, those of you who are spending your most precious resource, your time, as well as your money, on implementing marketing tactics should have an expectation of certain results.
The way to insure a ROMI is to select those initiatives that fit very neatly with your strategy for growth and which are initiatives that are relevant for both your firm and your clients. If you try to do everything, because other firms are, you will not have much of a return on your investment because you have invested in the wrong places.
As every idea is proposed you should be able to anticipate your goals. Whether it is writing new web content, launching a roundtable, agreeing to a program sponsorship, or even contributing a good will ad for a client's nonprofit, you should be able to clearly define the purpose behind your activity - and this will help you measure the outcome more accurately.
For example, if your goal in adding new web content is to drive more traffic to your site - you can easily measure the hits before and after the content change. Over time, you should be able to track whether or not the new content created the increase in traffic you had hoped for. If you participate in a trade show, and your plan is exposure to a new audience, you can measure the traffic at the booth and decide whether or not there was enough of a 'return' for your efforts beased on the people you met. This process works for every marketing tactic you implement. So, before you push the "GO" button, think about what you want to accomplish, Once launched, you should be able to decide if there was the ROMI that you had anticipated!