It’s a long-standing conundrum in Public Relations and Marketing: how to measure the impact of your efforts on the bottom line. According to a new study, “only 26 percent of marketers are capable of determining their impact on the business, despite advances in data, analytics and technology.”
But there are some interesting insights in the study that can help marketers endear themselves to those watching the bottom line. Not surprisingly, it all boils down to aligning marketing objectives to business goals, which, in turn, can help marketers choose the right tools to prove the success of their efforts.
Of course, this is all easier said than done, particularly in sales or financially driven environments where marketing is often viewed as a cost center to be controlled, as opposed to a critical resource to be leveraged.
But the reality is that we’re all in this together. By keeping the lines of communication open between the marketing team and the C-suite, it’s possible to not only improve marketing and public relations effectiveness, but also to assign a dollar value to these efforts.