A complex set of tools capture consumers.
Some of the tools used in marketing are unquantifiable in terms of their impact. Yet they are part of the essential components in a complex formula of ingredients that make up a marketing initiative. Marketers spend millions of dollars on information gathering or on visibility in the marketplace. Some of the visibility would be considered tangential at best and much of the information gathered useless. Nonetheless, these tools are considered trusted tools of the marketing discipline and used routinely in the hope that their contribution to a marketing effort's success, while unquantifiable, is somewhat assured.
Advertising
The major criticism of advertising as a marketing tool is that the individual effects of an advertising campaign are for the most part unquantifiable despite the huge sums spent on advertising for product marketing. It is nearly impossible to ascertain advertising's impact on sales as distinct from other elements in the marketing mix. Academicians are quick to point out that advertising is a communication tool, not a sales tool. There are other promotional tools like direct mail, for instance, whose impact is measurable. What marketers do know about advertising is what happens when it is absent. Without it, awareness, interest and product trial are all hampered. So even though it can't be necessary counted on, it definitely can't be counted out in a marketing initiative.
Qualitative Marketing Research
Qualitative marketing research is another area where a great deal of time, money and effort is expended but in the end, its impact is non-quantifiable. Marketers use this research to guide decision making. Big marketers like Procter & Gamble won't make a move without having research to back up a decision, whether in naming a new product, package design, advertising strategy or setting prices. However, since qualitative research, such as interviews with shoppers, are essentially anecdotal, it can provide insight but not quantifiable data.
Event Marketing
Many marketers engage in event marketing and sponsorship activities to engage customers at the local level but the return on investment from those expenditures are difficult to measure. Marketers often create events that allow them to spotlight their product in non-traditional marketing settings. Pharmaceutical companies sometimes conduct health fairs where visitors get free health screenings by nurses, healthy living materials and useful resources such as the names of local physicians. The cost for these events falls under a particular drug product's marketing budget. However the specific drug product footing the bill is accorded little if any actual marketing time and no opportunity to actually sell itself since many drugs are available only with a doctor's prescription.
Merchandising
Marketers like to have their logo and names emblazoned on pens, caps, golf balls and other promotional items. They do this to keep their name in front of potential customers. Promotional merchandising can be quite expensive for some marketers, especially for luxury product manufacturers who must select luxury caliber merchandise to put their names upon. The impact of giving away these freebies is totally unknown. Hollywood award shows like the Oscars give away thousands of dollars of free merchandise in gift bags each year. For a new product looking to create a name for itself, securing a spot in an Oscar gift bag may seem like the height of marketing. But can the marketer measure the return on the investment? The answer is probably not.
