Why do you need maths in marketing?

When a business falls on hard times, many companies start cutting back on their marketing. Rightly or wrongly, marketing can be seen as nice to have, something that has a use in good times, but can easily be cut during times of need.

This is because many marketing departments fail to fully cost and justify their efforts in terms that are understood by the Finance Director.

This can also be the case for individual marketing campaigns. Everything has a cost, and you need to understand the financial benefit of the work you do.

As a marketer, you should keep asking yourself whether you could be spending the money somewhere else:

• On a different segment of customers?
• On a different marketing channel?
• On an offer or a promotion?

There are some key metrics that will support you when answering these types of questions. Let’s look at them in more detail.