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How to overcome the challenges of ROMI reporting

The maturity of marketing reporting transcends a very broad spectrum. But for this blog, we're really focusing on helping those at the start of their reporting journey. 

Here's some of the typical barriers that get in the way of ROMI reporting and what you can do to overcome them: 

• Inaccurate, missing or siloed data: having good-quality data is absolutely vital, otherwise your ROMI reporting will be meaningless and inaccurate. Inaccurate reporting won't be trusted by the rest of the business. And worst case, it'll misguide decision-making and potentially lead to worsening results. 
  
  Start with what you want to report on. "Return" means something different to everyone. While we'd advocate it should be pounds and pence, it's just as legitimate to report on brand value, share of voice, or anything else, as long as it's tied to your organisation's aims. 
  
  Once you know what you want to report on, take a look at your data and ask the question, do I have what I need to report on that? If the answer is no, embark on a process of getting your data into shape.
  
  Often this involves integrating relevant systems, clearing out the crap, or working out how you can track lead sources. A good example is marketing teams that don't have access to pipeline data, and therefore can't track the funnel end-to-end. Solve this problem first (ideally through integration). The rest will be much easier once you've got the data you need.
  
  
• Sort out data hygiene: connected to the previous point, any flaws in data or in its integration can lead to people distrusting the reporting process and giving up on it altogether. In particular, sales and pipeline data is vulnerable to inaccuracy if deals and opportunities are created in systems that are not synced. The starting point here is to establish a process with your colleagues in sales. And, where possible, systematising that process. For example, only allowing deals to be created once the data you need for reporting is entered (associated contact, deal amount etc.).
  
  
• Integration and attribution complexity: it’s especially difficult to link buyer activity to revenue generation in the B2B tech space, because the buying journey is non-linear. Leads can come through gated content, from exhibitions, from referrals or even from contact made months or years previously, which makes things very difficult to track and quantify. No marketer in B2B tech can truly say that their one webinar was the sole driver for generating a deal, because there’s always so much going on alongside it, much of which isn’t always visible.
  
  The solution here is to accept that a perfect attribution model is virtually impossible, but a basic one is better than none at all. So to start with, choose a simple attribution model. First touch, last touch, liner, whatever you choose, stick to it, and ensure your reports are always based on the same model (there's more on attribution modelling in this blog from HubSpot). This will avoid confusion when explaining the data. Which is important, because where there's confusion, there's likely to be suspicion.

You need the right tools for the job

As mentioned earlier, none of this will be easy. Marketers should expect to invest considerable time in getting ROMI reporting in place. Doing so is essential, but it's not always possible with limited tools and resources.

Out-of-the-box systems, even the best ones, don’t always give you the flexibility to report on ROMI in the way you want to. They’re too generic and don’t take into account the non-linear buyer journey that makes the B2B sales process so complex. You can't expect a tool used to flog hot tubs, can also be fully customised for B2B.

Depending on your situation, you may need to develop a more bespoke solution, which takes raw data from your sales and marketing systems, and turns them into meaningful, measurable ROMI metrics.

Data warehouses, data aggregation platforms and visualisation software are no longer solely the domain of nerdy IT folk. Increasingly, good marketers are leveraging these tools, not just to report on ROMI, but to identify opportunities for improving their programmes.

The final word

Let's be honest - for years, marketers have been getting away with it. ROMI reporting was once just a nice-to-have. But the tide has definitely turned. Today, it's a critical pillar in your marketing operations. 

Because of the difficulty in reporting ROMI in-house, and the time and resources it can soak up, many CMOs might be tempted to cut corners or get it done with a limited toolset. This can very easily lead to inaccurate results, or too much emphasis on meaningless vanity metrics. This kind of reporting doesn’t install confidence and will likely lead to marketing leaders losing credibility among senior management.

However, with good-quality data from multiple sources, and a focus on the right metrics and tools, ROMI reporting is eminently doable. It is also one of the stand-out capabilities that separate good marketers from bad. At a time when budgets and resources are being squeezed but expectations are increasing, proving ROMI will be vital to your continued support from the boardroom.