How Marketing Can Thrive through Budget Reductions
Did you ever think you’d be in the position, due to marketing budget, where you would have to choose to stop doing something that is successful? Well, for you, and many other marketers, this might be the case. It’s a hard subject, but budget cuts are rampant and are greatly affecting the way marketing departments can operate. So, how can you stay afloat? The better question is, can you still thrive as a marketer? How?
There’s nothing worse in marketing than dumping time, money, and effort into a campaign that yields nothing, especially when you have a constrained budget. So, what can you do to make your limited budget work for you? Running a test. By utilizing a test campaign, you work with limited variables in a controlled environment, to see what the results are. Sounds like science, right? Well, it kind of is. Once you have the results, you now market more effectively, because you’ll ideally have data on what works and what doesn’t. Taking it a step further, and running an A/B test, with two sets of variables, will allow you to compare and contrast the two sets of results and see what sticks for you. The test results you get can also be utilized in helpful reporting for future programs!
Marketing is the ultimate sales support mechanism, and it’s often not looked at as such. However, when you feel like you’re working with a reduced budget, one of the best things you can do is consult with the sales leaders on what they’re looking for. Why does it matter what they think? The sales organization are the ones who will be utilizing the end results of what you, as a marketer, produce. So it makes sense to see how you can align your efforts with the sales team. At the same time, it also produces buy-in from sales on what marketing is doing. By having these conversations with sales, you’ll more than likely uncover bits and pieces of strategy that you can use for your next campaign, therefor creating more ROI from SQLs.
ROI in Being Agile
This might go without saying, but as a marketer with limited/ reduced budget, the most important thing to do is to look at what your main driver of ROI is. That might mean cutting something that you’re passionate about for results sake. If it isn’t working, why keep dumping money into it? Trimming down the processes, software, vendor spend, and so on, is key to building an effective ROI machine. Talk with the revenue collective at your organization, get their opinions on what you’re doing, and move towards profitable marketing. A good first step for this is to see what processes can be shared within one software. A lot of times, software integrates with others. Push yourself to find new ways to streamline yours and other’s work processes- it’ll pay off!
Budget cuts can be scary for some, but it also provides new opportunities to do great things. Strategies like the ones listed, are versatile and can be executed on any time. It’s all about how flexible you are with your work, and how deep your willing to dig to come out ahead.