In the early days of my marketing career, one of my professional mentors, and a small business owner, confided in me that, even after 20 years in the business, his marketing budget still kept him up at night. A number-cruncher at heart, he hated the fact that he was forced to spend so much on something with such an inconsistent ROI. “I can barely keep the lights on,” he said, “because I’m spending all my money on the thing that’s supposed to keep my lights on.”
His statement was hyperbolic, but he had a point. When it comes to your company’s marketing budget, how do you know what’s really working and, moreover, how do you figure out what isn’t?