It’s almost 2021 and if you’re a marketer, you’re likely working up a new plan for your 2021 marketing budget. With COVID-19, the chances are your marketing budget was slashed… and burned… and buried… and then somehow set back on fire again. While your 2021 budget will likely be significantly less than what you would like, that doesn't that you can't succeed and have highly impactful marketing activities
Quality over Quantity
If you are a football fan and watch the NFL, you know that all the teams have a salary cap to keep larger market teams from buying all of the best players. This concept doesn’t exist in many other sports leagues, and it shows. In the MLB, the New York Yankees team salary of $113.9 million is nearly double the median MLB salary of $64 million, while in the Spanish football (soccer) league, La Liga, FC Barcelona’s average player-salary is almost 4 times greater than Valencia, the team with the fourth highest average player-salary. With this in mind, money can’t be the dominating factor to win in the NFL. Teams that win in the NFL have a strategy and usually, the strategy involves dominating in one aspect of the game, like having a top notch defensive line or a strong running game. When you make a marketing budget, you should be trying to do the same thing: Dominate in one aspect of your game.
In a typical year, you may have, for example, an event marketing budget for many events. Instead of trying to do those the same number of events with less money, you should do fewer events with the right amount of money. Bring your “A Game” to these fewer events and make them count.
In some cases, doing fewer with the same amount of money
won’t cut it. You’re likely going to need to eliminate certain marketing
activities that aren’t contributing enough to the final sale. For example, if
you’re going to advertise, you will want to make it count as much as possible.
This means anything from eliminating an advertising channel such as OOH or TV
to focus a stronger reach on digital, or removing all advertising in a market
where a product is floundering to focus on a market where the product is more
competitive. What you want to avoid is cutting evenly ac
ross the board. If your marketing activities are not wowing anyone, they are not worth your time, or your money.
Talk to Your Sourcing Teams
As a marketing your job is to make the marketing strategy focuses on activities that best contribute to ROI. When you partner with marketing sourcing experts, they can make those activities go as far as possible. If you have an internal team that can help you with your marketing activities, make sure to include them as early as possible to get them aligned on your plan so they can provide the proper advise, or sourcing needs to ensure that you’re getting the most value from your budget.
If you don’t have an internal team that can help you, reach out to our team at Corcentric. Our marketing sourcing subject matter experts have decades of experience working with all types of marketing teams and activities from large pharmaceutical companies and banks, to extremely niche brands that require overly-specialized services.