ECONOMIC EFFICIENCY OF DIGITAL COMMUNICATIONS: METHODOLOGY FOR ASSESSING INVESTMENT RETURN AND ENTERPRISE VALUE FORMATION
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Abstract
Introduction. The rapid digitalization of economic activity has transformed digital communications into a key driver of enterprise performance and value creation. However, despite the widespread use of digital channels, there remains a significant methodological gap between marketing analytics and financial evaluation tools, which limits the ability to assess the true investment return of digital communications and their contribution to long-term firm value.
Purpose. The purpose of the study is to provide a theoretical and methodological justification and to develop an integrated approach for evaluating digital communications as an investment asset that contributes to enterprise value formation, as well as to propose practical tools for incorporating this approach into financial management and strategic decision-making.
Methods. The research is based on a combination of general scientific and special methods, including analysis and synthesis of scientific literature, systematization and generalization of existing approaches, comparative analysis, and a structural-functional approach. In addition, elements of economic modeling are applied, including probabilistic attribution methods (Markov chains) and financial metrics (ROI, ROMI, LTV), to ensure the integration of behavioral and financial indicators.
Results. The study substantiates the investment nature of digital communications and identifies their key characteristics, such as delayed effect, cumulative value creation, scalability, and integration into business processes. It is proposed to consider digital communications as market-based intangible assets that generate long-term economic benefits. An integrated methodological framework for evaluating investment return is developed, based on three principles: differentiation of short- and long-term effects, application of probabilistic attribution models, and capitalization of communication expenditures. The Integrated Model for Evaluating Investment Return on Digital Communications is introduced, combining behavioral analytics, attribution mechanisms, and financial indicators into a unified system.
Conclusions. The results confirm that the proposed methodological approach allows overcoming the gap between marketing and financial perspectives in assessing digital communications. Its implementation enables the transformation of communication expenditures into measurable strategic investments, improves the validity of managerial decisions, and enhances the ability of enterprises to create and sustain long-term value in the digital economy.
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