New tool for measuring returns
A dashboard provides key performance indicators measuring investment. Items that are included are summaries and key trends, along with comparisons and exceptions to help businesses measure investment. The EU-funded project ROMIDASHBOARD set out to accomplish three objectives. The first was to empirically model how marketing exploits drive financial performance in companies. The second objective was to use the models to design dashboard tools for aiding policymakers to substantially improve their ROMI. The third was to see how emerging markets differ from mature markets, and then compare the two to see how the marketing investments differ. Project results show vast differences in fast-moving markets versus older, more established markets. The differences in the two are largely marked by distinct customer attitudes. The dashboard tool tracks these two dissimilar markets in the marketing dashboard, enabling decision makers to improve the return on investment. Clear impacts of this project are: two companies made drastic budget changes with this new information, successfully changing their budget allocation; and a small to medium-size enterprise changed its marketing budget size, improving their profit margin, and additional employment opportunities were created for the management of the dashboards. A researcher and student assistants from three universities were employed for this project. Seven EU researchers advanced their careers through this project, and publications on the research topic disseminated the exciting results. The resulting website and book publication further expound the subject.
Keywords
Return on marketing investment, emerging market, mature market, actionable dashboard, business performance, key performance indicators, financial performance, return on investment
