Are your marketing dollars actually driving profit, or just burning cash?
December 06, 2024
by a professional from The University of Texas at Austin - Red McCombs School of Business in Austin, TX, USA
Your financial data holds the answer, IF you know how to use it.
Here’s how I break it down:
- Track costs accurately.
- Every dollar spent on marketing needs to be categorized properly.
- Tie revenue to campaigns.
- Use tools and financial reports to connect specific revenue streams to the campaigns that drove them.
- Calculate ROI.
- This tells you what’s working and what isn’t.
- Review the long-term impact.
- Not all campaigns yield immediate results. Use your financial data to analyze trends over months or quarters to see the full picture.
If your marketing isn’t paying off, your financials will tell you long before it’s too late to adjust.