5 Reasons Why You Need to Be Measuring ROI
Return on investment — a results-focused, versatile performance measure — has been a big buzzword in the association industry lately. Measuring results isn’t exactly a new concept, but with tighter budgets and new, emerging technology available, association leaders want to be sure they’re getting the biggest “bang for their buck” while producing the most desirable outcomes. It’s a huge part of our new (free!) ebook, It’s Easy Being Green. Why wouldn’t you measure ROI?
Well – it’s not easy! In order to get a true ROI calculation, you need to have all the income and all the costs. The costs are the tricky part, and Pat McGowan, Director of Finance at Informz, says that this is the part that people struggle with the most.
But it’s worth it. If it were easy it probably wouldn’t be as valuable to you, right? When you measure ROI, you gain true insight that can drive evidence-based decisions for the future, enabling you to:
- Defend marketing and technology budgets
- Look like a superhero to your manager, board members, and colleagues
- Improve support for existing programs
- Create new programs and initiatives
- Demonstrate contributions of your department to the association
ROI calculations shed light onto the financial impact of your marketing efforts, opening up the possibilities for new investments and removing those that might cost too much time, money, or resources to break even.
It’s Easy Being Green, goes into more detail about what you can do with your ROI calculations, how to measure what matters, and details one association’s guide to tracking ROI and how it changed their marketing plan.
For handy worksheets to help you start pulling numbers together, get your free copy of the resource here.