With budget discussions looming at many asset managers, we look at the thorny issue of measuring and demonstrating marketing ROI. How can we measure effectiveness, over and above short-term sales and profits? Where should the marketing budget be employed for the most added value: how do we balance the rival demands of institutional and retail, product promotion and brand, country versus country, business development against retention. What to chop first by 30% in a downturn? Tips and insights from our expert panel.