Financially Responsible Marketing

Is marketing a black hole? Or the only path to real growth? Part 2 of 2

Posted by on Mar 1, 2017

stepping upIf you missed part 1 of this two-part post, and you aren’t sure where to invest for your next phase of growth – check out our why now post to learn just how much the world’s leaders spend on marketing. (We think it will surprise you!)

5 considerations before you step up

And if you are back to find out about how to help your sales teams accelerate your next phase of growth, read on!

Budget!

Your marketing budget should be based on your organization’s anticipated yearly revenue.  At Imaginis, we recommend 5% as the optimal figure, with a minimum of 3%. In other words, if you estimate you will be a $5-million business this year, your marketing budget should be $250,000, and at a bare minimum $150,000.

Activities

Despite marketing’s power to directly support sales, not everything you do in marketing is directly related to sales revenues. Depending on your marketing goals for the year, you may need to spend time on non-lead generation marketing such as branding and PR, as well as lead-generating marketing like social, web and conversion materials. The weight of each will determine how much the marketing budget is going to influence revenue.

Marketing is a process; take your time and go through the right steps.  Remember, you can’t do everything all at once. Do it right and you’ll reap the benefits.

Benchmarks and objectives

Do you have benchmarks, objectives, and defined accountabilities for your marketing strategy? If not, stop right now! Develop them! You want to be working with marketers who work to an ROI and whose contract depends on it! Believe me, it’s better that way.

Participation

This is a big one. Nothing increases buy-in like asking all the relevant players for their thoughts. And nothing increases success like getting buy-in. So … who will you ask to participate in your new marketing drive? Often your front line team will have many insights that make for great content!

Next steps

You’re not sure what you need? Where to begin? Take advantage of our experience! Call us or any other leading Toronto B2B marketing firm and we’ll be happy to offer you a few guidelines for developing a budget, building a plan, and creating a way to increase your scope and get your organization to the next level.

Remember, marketing is your sales catalyst. It creates a warm nurturing environment for sales, prepares the soil and gives the seeds a best chance to flourish. Keep that soil healthy, and your crop yield will continue to grow!