Performance, efficiency and innovation to define your budget
Posted: Tue Dec 17, 2024 6:32 am
For me there are 3 fundamental concepts that must be taken into account when defining the annual budget of a marketing department: performance, efficiency and innovation .
Analyzing the performance of a marketing strategy during the previous period and identifying those channels or tactics that offered the best results would be the starting point for effectively allocating the budget in order to achieve greater growth in the coming year.
Team efficiency or productivity is also telegram number list essential and many times we must not only focus on numerical results, but also on understanding which resources could be automated or scaled more efficiently thanks to a larger budget allocation for tools, outsourcing of services, etc. In this way, you can free up your team from operational or mechanical tasks so that they can dedicate more of their time to strategy , thinking about new tactics or research.
And finally, I think innovation is absolutely necessary in any marketing department. I think allocating the budget exclusively to campaigns or to the day-to-day marketing activity is a mistake. In an environment as changing as that of digital marketing, learning or training the internal team is a medium-long term investment that is worthwhile.
Link the budget items to an objective and a reference baseline (Oriol Lampreave)
Budget season is a good time to look back and see what has worked – and especially what hasn’t – over the past year. One mistake we’ve all made at some point is to let ourselves get carried away by inertia in projects that have been running for a while, and have not yet produced clear results regarding their effectiveness.
How effective is the awareness campaign that is eating up half of the PPC (Pay Per Click) budget? Can we really measure what it is bringing us? If the answer to these questions is not a resounding Yes, then it may be time to redistribute it in another direction. The budget is finite, but the uses we can make of it are not.
Analyzing the performance of a marketing strategy during the previous period and identifying those channels or tactics that offered the best results would be the starting point for effectively allocating the budget in order to achieve greater growth in the coming year.
Team efficiency or productivity is also telegram number list essential and many times we must not only focus on numerical results, but also on understanding which resources could be automated or scaled more efficiently thanks to a larger budget allocation for tools, outsourcing of services, etc. In this way, you can free up your team from operational or mechanical tasks so that they can dedicate more of their time to strategy , thinking about new tactics or research.
And finally, I think innovation is absolutely necessary in any marketing department. I think allocating the budget exclusively to campaigns or to the day-to-day marketing activity is a mistake. In an environment as changing as that of digital marketing, learning or training the internal team is a medium-long term investment that is worthwhile.
Link the budget items to an objective and a reference baseline (Oriol Lampreave)
Budget season is a good time to look back and see what has worked – and especially what hasn’t – over the past year. One mistake we’ve all made at some point is to let ourselves get carried away by inertia in projects that have been running for a while, and have not yet produced clear results regarding their effectiveness.
How effective is the awareness campaign that is eating up half of the PPC (Pay Per Click) budget? Can we really measure what it is bringing us? If the answer to these questions is not a resounding Yes, then it may be time to redistribute it in another direction. The budget is finite, but the uses we can make of it are not.