Welcome to part 3 of 6 regarding the six main problems facing the marketing industry in 2017. Today we will be focusing on securing enough budget of your marketing activities. What is currently being done? Why it is not working? How to fix it?
Click below for part 1 and 2:
Part 1: Generating Traffic and Leads
Graph acquired from State in inbound 2017 market research report
Getting Enough Budget
Having enough budget for all your planned marketing activities is a constant struggle for marketers. G
According to a LinkedIn report, “there has been a tendency in some businesses to roll forwards the previous year’s budget and maintain the allocations of new versus existing initiatives and campaigns. This is rarely the optimal approach – the world is changing, your audiences are changing and your approach needs to as well.”
How Do I secure my budget?
Securing enough budget is a constant struggle.Check out these two tips to secure your marketing budget.
- Focus on ROI – what gets measured gets done
In times of change ROI is king. However, often marketers are guilty of providing metrics that are of little use to the board room. Ensure you have the right business and brand measurement systems in place. These should both demonstrate your effectiveness but more importantly resonate with the senior finance team.
When doing this in practice the first step is to define what ROI means for your business and how you’re going to demonstrate effectiveness. Agree this with the finance team so they buy into the process. This could be an internal as well as external measure. For example, employee NPS is a metric I’m seeing a lot more of our clients adopting.
- Align marketing strategy with business strategy – from expense to investment
Knowing where your company stands with its business and marketing strategy is imperative. Think about where brand can greatest support the delivery of the strategy. Be aware of your goals as there is no one size fits all for your marketing budget. The best strategy is where you achieve your marketing goals while utilizing a variety of marketing platforms.
When your business and marketing strategy are aligned, it will make it easier to secure your marketing budget.
Having enough budget for all your planned marketing activities is a constant struggle for marketers.
Thank you for reading!
Feel free to comment with your thoughts and ideas! I always welcome new ideas.