--- title: What Is ROI in Marketing? A Guide for B2B Revenue Leaders description: "Marketing ROI explained: the formula, a worked example, what costs to count and why it is hard to measure, so you can judge which spend pays back." image: https://www.finemediabw.com/hubfs/Blog/Technology%20and%20RevOps/Refresh/What%20Is%20ROI%20in%20Marketing%20-%20A%20Guide%20for%20B2B%20Revenue%20Leaders/what-is-roi-in-marketing-share-1200x630-v2.png --- [![Fine\_Media\_logo\_Set\_HubSpot Website Logo Stacked](https://www.finemediabw.com/hubfs/Fine_Media_logo_Set_HubSpot%20Website%20Logo%20Stacked.svg "Fine_Media_logo_Set_HubSpot Website Logo Stacked")](https://www.finemediabw.com/) - Solutions - [Inbound Marketing](https://www.finemediabw.com/inbound-marketing) - [Website Design](https://www.finemediabw.com/website-design-and-development) - [Sales Enablement](https://www.finemediabw.com/sales-enablement) - [Customer Success](https://www.finemediabw.com/customer-success) - [HubSpot Services](https://www.finemediabw.com/hubspot-services) - [Insights](https://www.finemediabw.com/blog) - [About](https://www.finemediabw.com/about-us) Show submenu for About - [About us](https://www.finemediabw.com/about-us) - [Meet the Team](https://www.finemediabw.com/our-team) - [Our Story](https://www.finemediabw.com/our-story) - Solutions - [Inbound Marketing](https://www.finemediabw.com/inbound-marketing) - [Website Design](https://www.finemediabw.com/website-design-and-development) - [Sales Enablement](https://www.finemediabw.com/sales-enablement) - [Customer Success](https://www.finemediabw.com/customer-success) - [HubSpot Services](https://www.finemediabw.com/hubspot-services) - [Insights](https://www.finemediabw.com/blog) - [About](https://www.finemediabw.com/about-us) Show submenu for About - [About us](https://www.finemediabw.com/about-us) - [Meet the Team](https://www.finemediabw.com/our-team) - [Our Story](https://www.finemediabw.com/our-story) - [Contact us](https://www.finemediabw.com/contact) - [Contact us](https://www.finemediabw.com/contact) ![What Is ROI in Marketing? A Guide for B2B Revenue Leaders. Dark and slate type on a white ground with a large Propello mark behind it, Propello.](https://www.finemediabw.com/hubfs/Blog/Technology%20and%20RevOps/Refresh/What%20Is%20ROI%20in%20Marketing%20-%20A%20Guide%20for%20B2B%20Revenue%20Leaders/what-is-roi-in-marketing-share-1200x630-v2.png) Nov 15, 2022, 5:39:23 PM | [Analytics](https://www.finemediabw.com/blog/tag/analytics) # What Is ROI in Marketing? A Guide for B2B Revenue Leaders [Tumisang Bogwasi](https://www.finemediabw.com/blog/author/tumisang-bogwasi) Share - [mailto:?&subject=What%20Is%20ROI%20in%20Marketing?%20A%20Guide%20for%20B2B%20Revenue%20Leaders&body=What%20Is%20ROI%20in%20Marketing?%20A%20Guide%20for%20B2B%20Revenue%20Leaders%0A(https%3A%2F%2Fwww.finemediabw.com%2Fblog%2Fwhat-is-roi-in-marketing)](mailto:?&subject=What%20Is%20ROI%20in%20Marketing?%20A%20Guide%20for%20B2B%20Revenue%20Leaders&body=What%20Is%20ROI%20in%20Marketing?%20A%20Guide%20for%20B2B%20Revenue%20Leaders%0A(https%3A%2F%2Fwww.finemediabw.com%2Fblog%2Fwhat-is-roi-in-marketing)) - - - If you lead marketing, sales or revenue at a growing B2B company, someone has probably asked you what your marketing actually returns. Marketing ROI is the revenue your marketing produces compared with what it costs, shown as a percentage or a ratio, so you can see which spend pays back. This guide shows how to calculate marketing ROI, what to count as cost, and why measuring it is harder than the formula suggests. You will also see how to judge a good result for your marketing strategy, and what sales, marketing and customer success gain when the measurement is built properly.   | **Marketing ROI** Marketing ROI is the revenue your marketing generates measured against what you spent to generate it, expressed as a percentage or a ratio of return to cost. | | --- | ## How to calculate marketing ROI ![The marketing ROI formula in four parts. 1. Revenue generated. 2. Subtract marketing cost. 3. Divide by marketing cost. 4. Show it as a percentage.](https://www.finemediabw.com/hs-fs/hubfs/Blog/Technology%20and%20RevOps/Refresh/What%20Is%20ROI%20in%20Marketing%20-%20A%20Guide%20for%20B2B%20Revenue%20Leaders/what-is-roi-in-marketing-roi-formula-anatomy-blog-1600x900.png?width=1600&height=900&name=what-is-roi-in-marketing-roi-formula-anatomy-blog-1600x900.png) The formula for return on investment (ROI) comes from finance, and it is the same one used on any investment. Subtract the cost from the return, then divide by the cost. Multiply by 100 to get a percentage. ``` Marketing ROI (%) = (Revenue generated - Marketing cost) / Marketing cost x 100 ``` Revenue generated means revenue you can credibly trace to the marketing in question. Marketing cost means everything you spent to produce it. Both halves of that formula need agreed definitions before the number means anything. Calculating ROI is only as reliable as the revenue data behind it. Pull revenue from your CRM or payment records, not from ad platform reports, which tend to inflate conversion counts. ### A worked example for calculating ROI The numbers below are made up to show the arithmetic. They are not a benchmark and not a result from any company. Suppose a campaign costs $10,000 and the customers it brings in produce $30,000 in revenue. The calculation is ($30,000 - $10,000) / $10,000, which is 2.0, or a marketing ROI of 200%. As a ratio, that is $3 returned for every dollar spent. A ratio of 5:1 works out to 400%, because you subtract the dollar you spent before dividing. A ratio of 1:1 is 0%, which means you broke even on revenue. ### A longer formula for lead-based funnels When you are planning a campaign rather than reviewing one, work forward from your funnel: ``` Expected revenue = Number of leads x Lead-to-customer rate x Average sale price Marketing ROI (%) = (Expected revenue - Marketing cost) / Marketing cost x 100 ``` The lead-to-customer rate is the share of leads that become customers. If 20 of every 100 leads buy, the rate is 20%, or 0.2. Average sale price is what a customer pays on average after discounts. Use your own historical rates, not industry averages, wherever you have them. For lead generation programs, this version is the one to review each quarter. ### Revenue is not the same as profit Revenue-based ROI flatters campaigns that bring in low-margin sales. If you can, replace revenue with gross profit in the formula. A campaign that returns $30,000 in revenue at a thin margin may return far less than the headline suggests. ## Marketing costs include more than ad spend ![The full cost of a campaign, in four lines. Media and ad spend: paid ads, sponsorships, event fees and promotion budgets. Creative production: design, video, copywriting and the freelancers or agencies behind them. People: the share of your marketing team's time that went into the campaign. Software: the tools used to run, track and report on the campaign.](https://www.finemediabw.com/hs-fs/hubfs/Blog/Technology%20and%20RevOps/Refresh/What%20Is%20ROI%20in%20Marketing%20-%20A%20Guide%20for%20B2B%20Revenue%20Leaders/what-is-roi-in-marketing-full-cost-stack-blog-1600x900.png?width=1600&height=900&name=what-is-roi-in-marketing-full-cost-stack-blog-1600x900.png) Most errors in marketing ROI come from the cost side, and they start with how campaign costs are counted. Marketing ROI measures revenue against what you spent. Ad spend is easy to count, which is why it is often the only cost used. The honest figure includes everything it took to run the program. - **Media and ad spend:** paid ads, sponsorships, event fees and promotion budgets. - **Creative production:** design, video, copywriting and the freelancers or agencies behind them. - **People:** the share of your marketing team's time that went into the campaign. - **Software:** the tools used to run, track and report on the campaign. Whichever line items you choose, apply them the same way every time. A marketing ROI that includes salaries in one quarter and leaves them out in the next cannot be compared. ## A good marketing ROI depends on your margins and your history Searchers often ask what marketing ROI should be, or whether a figure such as 20% is good. Any result above 0% returned more than it cost. Whether it is good depends on your margins, your sales cycle and what else you could have done with the money. Before launch, set clear goals and define the key performance indicators you will track, so every marketing campaign is judged against measurable outcomes agreed in advance. The most reliable benchmark is your own. Look at what similar campaigns returned in the past, and compare that with your current sales numbers and your cost to acquire a customer. Industry averages vary widely by channel and sector, and they describe other companies' definitions of cost and revenue, not yours. Tie each target to your business goals and the target audience you sell to, so a strong ratio means tangible results for the company and not just a good-looking number. Set a realistic target by channel. Paid search, events and content all pay back on different timelines, so one target for the whole marketing budget hides more than it shows. ## It is hard to measure marketing ROI because buyers touch many channels ![At the centre, the question: which touch earned the sale? Around it, five touches a B2B buyer might make before talking to sales. A search: the buyer finds you. An article: the buyer reads it. Your email list: the buyer joins it. A video: the buyer watches it. An ad: the buyer responds to it.](https://www.finemediabw.com/hs-fs/hubfs/Blog/Technology%20and%20RevOps/Refresh/What%20Is%20ROI%20in%20Marketing%20-%20A%20Guide%20for%20B2B%20Revenue%20Leaders/what-is-roi-in-marketing-many-touch-journey-blog-1600x900.png?width=1600&height=900&name=what-is-roi-in-marketing-many-touch-journey-blog-1600x900.png) The formula is simple. The data feeding it is not. In HubSpot's 2026 State of Marketing survey of 1,500+ marketers, [measuring the ROI of marketing activities](https://blog.hubspot.com/marketing/hubspot-blog-marketing-industry-trends-report) was the top challenge, cited by 33% of respondents. Digital marketing makes tracking easier to start, because every click and form fill leaves a record. It also tempts teams to measure only what is easy to see. Three problems explain most of the difficulty. ### Buyers touch many channels before they convert Multiple touchpoints are the norm in B2B. A buyer might find you through a search, read an article, join your email list, watch a video and respond to an ad before talking to sales. It is hard to say which touch earned the sale. Attribution models answer that question in different ways. First-touch gives the credit to the initial interaction and last-touch gives it to the final one. A multi-touch attribution model spreads credit across the customer journey, and none of these is a perfect answer. Pick one, use it consistently and know its blind spots. ### Revenue arrives after the campaign ends Not every buyer is ready on the day they see your campaign. Some convert in days. Others take months, and by then the campaign has been closed and its report filed. If you measure too early, you undercount. Short reporting windows mislead, so compare campaigns over a window that matches your real sales cycle, and use historical conversion rates to project the revenue still to come. Treat projections as estimates, and update them when the deals close. ### Not every touch carries the same weight Some touches move a buyer forward and others are noise. A blog post may have shaped the shortlist without ever being the first or last click. This is where tracking contact-level activity in your CRM matters, because it lets you see which interactions the deals that closed had in common. Even then, treat the result as evidence, not proof. Attribution tends to over-credit whatever you can measure easily and under-credit brand work you cannot. ## Customer lifetime value and other metrics sharpen marketing ROI ROI on its own is a blunt measure of marketing performance. It tells you whether spend paid back, not how fast or at what quality. Four metrics sharpen it: - **Customer acquisition cost:** total sales and marketing cost divided by the number of new customers won. - **Customer lifetime value:** the revenue or profit a customer produces over the whole relationship. - **Length of the sales cycle:** how long it takes a lead to become a customer. - **Conversion rates:** the share of visitors, leads and opportunities that move to the next stage. Customer lifetime value changes the answer more than any other. A campaign with a modest first-year return can still be your best investment if its customers stay and expand. Comparing lifetime value with customer acquisition cost gives you a view of payback that a single campaign ROI cannot. If you track performance across your whole go-to-market system, our guide to [GTM metrics](https://www.finemediabw.com/blog/gtm-metrics) shows which measures to keep and which to drop. ## How companies use marketing ROI to judge marketing efforts and allocate budget At the company level, marketing ROI is mostly a tool for allocating money. It stops spending decisions from resting on intuition, so decisions rely on concrete data. ### Justify marketing spend to the executive team Budgets get funded when leaders can see what the last budget produced. Marketing ROI by channel lets you show the business which spend returned revenue and which did not, for example whether paid social is converting while display ads are not. ### Move budget to the channels that return the most Every marketing mix needs financing, online and offline. Knowing which marketing channels return the most revenue per dollar lets you shift money towards them and cut what is not working, instead of splitting the budget evenly out of habit. Segmenting your target audience by industry or company size shows which groups return the most, and that is where the same dollar works hardest. The same logic applies to [paid search](https://www.finemediabw.com/blog/how-to-develop-an-effective-ppc-strategy), where spend and return are easiest to see. ### Set baselines so each marketing campaign is judged against something A baseline is the return your typical campaign delivers. Once you have one, a new campaign is either above it, below it or in line with it, and you can judge campaign success and decide what to do next. Our guide on [how to measure inbound marketing ROI](https://www.finemediabw.com/blog/how-to-measure-inbound-marketing-roi) walks through that process for inbound programs. ## How to measure the ROI of content and other hard-to-track digital marketing Paid campaigns are the easy case, because spend and clicks are tracked for you. Blog posts, videos and podcasts are harder, because the buyer rarely arrives and buys in one session. Content sits at the center of [inbound marketing](https://www.finemediabw.com/blog/what-is-inbound-marketing), so this is where measurement gaps hurt most. The Content Marketing Institute makes a useful point here. In its piece [Will the Real ROI in Content Please Stand Up](https://contentmarketinginstitute.com/articles/real-roi-content/), Robert Rose argues that ROI is a weak way to judge a single campaign, and works better when you treat content as an asset that builds value over time. In practice, five habits make content measurable: - **Track time:** record the hours your team or outside resources spent producing each piece. - **Track production costs:** count supplies, services and software used to make it. - **Track promotion costs:** include any budget used to distribute it. - **Use tracking links:** tag URLs so you can see whether a piece sends traffic to the pages that lead to sales. - **Record non-financial returns:** note engagement levels, social posts that sent visitors, follow up emails that earned replies, direct visits and brand searches, which signal progress before revenue arrives. Non-financial returns do not belong in the ROI formula, but they explain why revenue follows later. With this tracking in place, even a blog post or video can have measurable ROI. ## What you gain when this is done properly A marketing ROI figure that sales and finance both trust is worth more than a precise one only marketing believes. It also moves marketing from a cost center to a function that can show the revenue it generates. Each team gets something different from it. ### Sales gets better leads and fewer arguments about quality When ROI is traced from campaign to closed deal, sales can see which sources produce customers and not just contacts. That ends the dispute over lead quality, because both teams are looking at the same record. Reps spend more time on the sources that close. ### Marketing gets budget it can defend and decisions it can explain Marketing can show what each channel returned and move money with evidence behind it. A campaign that underperforms becomes a learning point, not a political problem. Planning is easier because past returns give you a realistic starting forecast, and understanding ROI shows where investing more will pay and where to stop. ### Customer success gets credit for the revenue after the first sale Marketing ROI usually stops at the first deal, but renewals and expansion often carry the profit. When customer lifetime value feeds the calculation, the work customer success does to keep and grow accounts shows up as part of marketing's return. It also tells marketing which kinds of customer to attract. ## Marketing ROI is only as good as the system behind it Most disputes about marketing ROI are really disputes about data. Marketing counts leads in one system, sales counts deals in another, and nobody can trace one to the other. Connecting data across channels and teams is the common blocker. A connected record from first touch to renewal fixes more than a better formula. Analytics only support data driven decisions when they connect to revenue, and those clear insights are what produce better ROI and steadier growth. Growth compounds when acquisition, retention, expansion, advocacy and continuous learning support one another, and a shared record is what lets them. That is also why returns flatten when you cannot see what happened after the click. Our article on [why ROI plateaus without feedback](https://www.finemediabw.com/blog/closed-loop-marketing-roi-plateau) explains how closing the loop between sales results and campaign decisions keeps returns improving. If automation is part of your program, [measuring the return on automation](https://www.finemediabw.com/blog/automation-roi) follows the same logic. Teams that run HubSpot can track each contact's activity in one record, and our guide to the [HubSpot Solutions Partner agency](https://www.finemediabw.com/blog/what-is-a-hubspot-solutions-partner-agency) model explains what working with a partner involves. Propello is a [HubSpot partner](https://www.finemediabw.com/about-us) that designs and builds connected GTM systems on HubSpot. If you cannot say which marketing spend produced which revenue, an audit is the place to start. [Book a Propello GTM Audit](https://www.finemediabw.com/contact) ## Frequently asked questions What is the formula for marketing ROI? Subtract your marketing cost from the revenue it generated, divide by the marketing cost, then multiply by 100 for a percentage. Revenue of $30,000 on a $10,000 spend gives ($30,000 - $10,000) / $10,000, or 200%. Using gross profit instead of revenue gives a more conservative result. What is a good marketing ROI? Anything above 0% returned more than it cost, but a good result depends on your margins, sales cycle and acquisition costs. The best benchmark is your own history for similar campaigns. Compare each new campaign with that baseline, and judge long-sales-cycle channels over a longer window. What marketing costs should I include in the calculation? Include ad and media spend, creative production, software, agency or freelancer fees, and the share of your team's time spent on the campaign. Leaving out salaries and tools makes returns look better than they are. Whatever you include, apply it the same way to every campaign you compare. How do I measure marketing ROI when deals take months to close? Match the measurement window to your real sales cycle instead of the campaign's end date. Track each lead from first touch to closed deal in one record, and use historical conversion rates to project revenue still to come. Update the estimate as deals close. Is marketing ROI the same as return on ad spend? No. Return on ad spend divides revenue by ad spend and ignores other costs. Marketing ROI subtracts total marketing cost from revenue before dividing, so it counts production, software and people. The difference is scope. Return on ad spend suits quick channel checks, while marketing ROI shows whether the whole program paid back. ![Tumisang Bogwasi](https://app.hubspot.com/settings/avatar/77d7e2eaad8ff71b24463dcc39a31e9e) ### Written By: Tumisang Bogwasi Tumisang Bogwasi is the founder and CEO of Propello, a HubSpot partner that designs and builds connected go-to-market systems. [mailto:tumib@finemediabw.com](mailto:tumib@finemediabw.com) ## You May Also Like ### [![How to Measure Inbound Marketing ROI: A Guide for B2B Revenue Leaders. 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Dark and slate type on a white ground with a large Propello mark behind it, Propello.](https://www.finemediabw.com/hubfs/Blog/GTM/GTM%20Engineering/Optimization/3.%20Automation%20ROI%20-%20How%20to%20Measure%20the%20Return%20on%20GTM%20Automation/automation-roi-share-1200x630.png) *Oct 4, 2026, 8:36:05 AM | Technology & RevOps* Automation ROI: How to Measure the Return on GTM Automation](https://www.finemediabw.com/blog/automation-roi) [Learn More](https://www.example.com) [![Fine\_Media\_logo\_Set\_HubSpot Website Logo Stacked White BG White-1](https://www.finemediabw.com/hubfs/Fine_Media_logo_Set_HubSpot%20Website%20Logo%20Stacked%20White%20BG%20White-1.svg "Fine_Media_logo_Set_HubSpot Website Logo Stacked White BG White-1")](https://www.finemediabw.com) We help you propel growth at every stage of the customer journey with inbound marketing and Hubspot. ![provider-horizontal-white](https://www.finemediabw.com/hubfs/provider-horizontal-white.svg "provider-horizontal-white") Blogs [What is Inbound Marketing](https://www.finemediabw.com/blog/what-is-inbound-marketing) [Why work with a HubSpot Agency](https://www.finemediabw.com/blog/why-work-with-hubspot-agency) [Benefits of a Website](https://www.finemediabw.com/blog/the-power-of-website-design-a-cornerstone-of-brand-identity) [Ultimate Guide to Closing more Deals](https://www.finemediabw.com/blog/how-to-close-more-deals-with-sales-enablement) [Why Every Business Needs Customer Success](https://www.finemediabw.com/blog/why-customer-success-is-important) Services   [Inbound Marketing](https://www.finemediabw.com/inbound-marketing) [Website Design](https://www.finemediabw.com/website-design-and-development) [Sales Enablement](https://www.finemediabw.com/sales-enablement) [Customer Success](https://www.finemediabw.com/customer-success) [HubSpot Services](https://www.finemediabw.com/hubspot-services) Quick Links   [Home](https://www.finemediabw.com/) Services [About us](https://www.finemediabw.com/about-us) [Contact](https://www.finemediabw.com/contact-us) © 2026 Fine Media (Pty) Ltd. All rights reserved. [Legal Notice](https://www.finemediabw.com/user-agreement) | [Privacy Policy](https://www.finemediabw.com/privacy-policy)  ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Tumisang Bogwasi", "url" : "https://www.finemediabw.com/blog/author/tumisang-bogwasi" }, "dateModified" : "2023-06-24T08:19:24.704Z", "datePublished" : "2022-11-15T15:39:23.000Z", "headline" : "What Is ROI in Marketing? A Guide for B2B Revenue Leaders", "image" : [ "https://www.finemediabw.com/hubfs/Blog/Technology%20and%20RevOps/Refresh/What%20Is%20ROI%20in%20Marketing%20-%20A%20Guide%20for%20B2B%20Revenue%20Leaders/what-is-roi-in-marketing-share-1200x630-v2.png" ], "mainEntityOfPage" : { "@id" : "https://www.finemediabw.com/blog/what-is-roi-in-marketing", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://www.finemediabw.com/hubfs/Fine_Media_logo_Set%20copy_HubSpot_Logo_Long_Stacked.svg" }, "name" : "Fine Media" } } ``` ```json { "@context" : "https://schema.org", "@type" : "FAQPage", "mainEntity" : [ { "@type" : "Question", "acceptedAnswer" : { "@type" : "Answer", "text" : "Subtract your marketing cost from the revenue it generated, divide by the marketing cost, then multiply by 100 for a percentage. Revenue of $30,000 on a $10,000 spend gives ($30,000 - $10,000) / $10,000, or 200%. Using gross profit instead of revenue gives a more conservative result." }, "name" : "What is the formula for marketing ROI?" }, { "@type" : "Question", "acceptedAnswer" : { "@type" : "Answer", "text" : "Anything above 0% returned more than it cost, but a good result depends on your margins, sales cycle and acquisition costs. The best benchmark is your own history for similar campaigns. Compare each new campaign with that baseline, and judge long-sales-cycle channels over a longer window." }, "name" : "What is a good marketing ROI?" }, { "@type" : "Question", "acceptedAnswer" : { "@type" : "Answer", "text" : "Include ad and media spend, creative production, software, agency or freelancer fees, and the share of your team's time spent on the campaign. Leaving out salaries and tools makes returns look better than they are. Whatever you include, apply it the same way to every campaign you compare." }, "name" : "What marketing costs should I include in the calculation?" }, { "@type" : "Question", "acceptedAnswer" : { "@type" : "Answer", "text" : "Match the measurement window to your real sales cycle instead of the campaign's end date. Track each lead from first touch to closed deal in one record, and use historical conversion rates to project revenue still to come. Update the estimate as deals close." }, "name" : "How do I measure marketing ROI when deals take months to close?" }, { "@type" : "Question", "acceptedAnswer" : { "@type" : "Answer", "text" : "No. Return on ad spend divides revenue by ad spend and ignores other costs. Marketing ROI subtracts total marketing cost from revenue before dividing, so it counts production, software and people. The difference is scope. 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