12 Ways To Measure Time Invested... Introducing ROMTI
When we take that first step of the day, there is always that thought in our minds about what will I achieve today and let’s hope today is a good one! Often, it’s on a fairly relaxed level and if we end our day feeling some kind of sense of achievement and a positive mindset, we can consider that a win win!
In this blog, we want to introduce a new metric into the equation and one we are really excited about. “ROMTI” is all about Return On Marketing Time Invested.
Looking At Return On Investment (ROI)
One thing is for certain, we are all individuals, however, we have a few things in common, we all have the same number of hours in the day, we all have the power of choice, we all have the option to learn and we all have the ability to strive to deliver our best. Amongst all of that, we can all communicate. We may have different methods but essentially, our range of senses and the tools available to us nowadays, offers us the way to communicate with each other.
Let’s now take our thinking to the business environment and how many times do we hear “where is the return on investment?” It’s quite a strong statement if you step back and think about it. From the moment we wake, are we tuned to always think about what result we will get?
“Return on Investment” just that statement alone is quite a general one as there are so many other factors involved and we use this statement so much in our day to day without perhaps fully making it clear from the start.
When we do anything at work, how much time do we spend on setting down the return we expect in a clear visual way before we even get started?
Considering Marketing Results
If we move this along to the world of marketing and start considering about results, well, that opens up a new can of worms completely!
Here are some things to consider:
How do we know the behaviour of the people we are seeking to target?
How do we know the timescales and influences of people we are seeking to reach?
How do we know what others in our marketplace are doing?
That said, we fully understand that there needs to be guidelines and parameters. So, ROI (Return On Investment) ROAS (Return On Advertising Spend) and ROMI (Return On Marketing Investment) are very much a part of our daily working life and love them or hate them, they do offer some kind of metric.
In this blog, we want to introduce another metric into the equation and one we are super passionate about. Welcome to “ROMTI” – this is all about Return On Marketing Time Invested.
Return On Marketing Time Invested (ROMTI)
Current “RO” is about spend, budgets, we want to talk about time! This is what we all have in common so let’s introduce a way we can see the results of what we choose to do in that time. The results of that need to be directly aligned to outcomes that we can influence.
Yes, we are fans of analytics and data impressions – this data gives us so much intelligence that supports future activity. However, there is a huge step in between that and also the end result which ultimately is commercial success.
If we align our time and commercial success in such a way that we don’t focus on data impressions – it offers a much more motivational empowering and positive impact on our workforce. Yes, our team, the people employed to deliver on our marketing process.
The marketing process is very much the success process as it brings together all business functions and is the maintenance of the selling environment. Marketing needs to manage the sales arena and keep the pitch in ship shape! So, that is quite an undertaking and involves time and passion from people. Let’s report on the time and passion invested by people so they can see the way they are impacting on someone’s business vision and bigger picture.
12 Ways To See Time Invested
ROMTI is a way to see time invested in twelve areas, three of those are referrals and testimonials, upselling and client feedback. If we are spending time on these commercial areas and can see what our work is doing - this is huge! Marketing is driven by people with talents and they are there to make a success of their time invested in a way that the business benefits. We can’t measure marketing by a sale! That’s how we track performance of the sales team. Marketing is maintenance of the environment – we wouldn’t measure a mechanic by how many cars are sold!
Start to look at your marketing in terms of ROMTI and if you need help with this, take a look at My Marketing Button, a clear, online platform where you can plan and track your marketing tasks all in line with twelve commercial outcomes – showing you ROMTI in real time!
You can check out the first three ROMTI areas with our free plan - why not get started today?