How To Measure the ROI on Your Bank's Advertising and Public Relations

1. Establish a benchmark on what you want to measure. For example, if it is awareness of bank name and or products, research the population in your marketplace to determine what the awareness level is now.  This can be done through a telephone survey of about 400 households.
   
   
2. Establish realistic objectives for both advertising and public relations. Do you want higher awareness?  If so, specifically what percent increase is desired? Do you want increased number of customers? If so, exactly how many? Do you want increased profits?  Precisely how much? Do you want the population to feel differently or in a specific way about your bank?  If so, just what do you want them to feel or see?
   
   
3. Put measuring devices/methods in place. This can be done easily with advertising. Just use an unlisted telephone number, a non-existent employee or a special rate. Responses to one of these can be attributed to the ad that mentioned them. For public relations, survey the audience of your efforts and see what they perceive from your participation.
   
   
4. Conduct post research. This means go back to the same marketplace as surveyed in Step I and ask the same questions. Of course don't do this until you have completed sufficient activities to have impacted that marketplace.

Don't let anyone tell you bank advertising and public relations can't be measured in terms of affect on the bank's bottom line. It can!

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