The financial advantage received from investments is called Return on Investments which is the best way to judge if the allocations made in the various sectors of a multimedia platform company are working according to the set goal or not. It is important that when it comes to return on investment, the goal as a marketer is for every other department is to have a maximum return for minimal investment. Cross-media return on investment stands for the cumulative of all actions that create value for the company. All the work, resources, time and money should amount to some profit either in monetary terms or in terms of visibility. It should give the stakeholders including the investors, an insight that can show if the efforts put in marketing and advertising, the resources allocated are being used effectively. It should show the potential impact that the particular media has across the business. This is useful not only for marketing purposes but also reflects the increase in sales, brand equity as well as awareness. It assists in determining if the resources and efforts in making the brand known are even effective. Taking notes from the results, the company can finally shift their focus on working on improving themselves.
Every company generally follows the SMART policy- specific, measurable, achievable, realistic and achievable. All the resources such as human effort, material and finance should be optimally deployed across all media platforms for receiving efficient and effective thereby impacting socially, economically, politically and environmentally. The mathematical formula for calculating return on investments is: (profit/investment) *100. Besides this, other variables affecting the result is- culture, faith, ethnicity, communication, access to information, availability of essential commodities, health education, standard of living in case of social factors. Political factors include civic education, media pluralism, political pluralism, freedom of press and democracy. Economically, infrastructures, technology, research and development etc., play an important role. Therefore, the impact depends on the quantity and quality of the resources allocated, the efficiency and effectiveness of the deployed resource. The allocation is also dependent on the development level of the nations or communities involved.
For specific companies to advertise themselves they can take up various combinations of media mix depending on their product or the status and message of their company. This will again be dependent on the target audience and the media that they mostly access. The mix of broadcast, print, social media, radio and trade publications is pretty common; however, fund allocation will require more evaluation for customization. Finally, the feedback received from all sorts of media, prominence and circulation among the audience will help to figure the ROI.
BLOGBLOG 