An Introduction to Return on Marketing Spend
Return on Marketing Spend (RoMS) is a value that is hard to capture, at least accurately, in the fast-moving and omni-channel age that we live in (and advertise in). We recently sat down with Dennis Becker, Chairman and CEO Mobivity, to help understand RoMS and how marketers can make sure they are not only spending their marketing budget in an efficient way, but most importantly in a measurable way, so that they can leverage their data to optimize their spend.
Mobivity is so good at leveraging their data (1 in 15 Americans engage in a Mobivity program) that they are already delivering personalized experiences on a one-to-one (individual) basis — and as data continues to accumulate, the capabilities will exponentially increase due to machine learning. But as Dennis said (timestamp 24:40), "It’s up to the retailers (users of the Mobivity platform) to start with step 1 by creating an omni-channel handshake i.e. a trackable code (QR, SMS, etc) to figure out what channel each consumer traveled to make their purchase."
Dennis brought a wealth of knowledge and inspirational thinking to this conversation and if you have any interest in data, marketing, and marketing technology, then we guarantee this interview will fly by and leave you with something to think about — we know it did for us.
A little bit more about Mobivity
Mobivity is a leading provider of personalized customer engagement solutions that drive customer frequency and spend. Specifically, they provide a platform to connect restaurants, retailers, personal care brands, and their partners with customers to increase retention, visits, and spend. And they accomplish this by leveraging their platform to gather data to analyze customer habits to deliver data-driven marketing with messaging applications and rewards to ultimately motivate customers and employees.
Mobivity is trusted by major brands like Subway, Sonic, and Baskin Robbins; and, they are partners of major organizations such as Google and the Mobile Marketing Association (MMA).