The digital marketing industry has a reputation for constant change. It is an industry where marketers can really make an impact on business performance, but some are frustrated that they cannot achieve as much as they would like to.
Greenlight's 41 Hour report discovered that one of the major complaints is the struggle to secure budget. On a regular basis, C-level decision makers have to make changes to budgets, which leave many marketers worrying that they will not be able to secure the budget they need to conduct campaigns that will ultimately drive business results.
The struggle is real
Half of marketers say they struggle to secure budgets on an ongoing basis, whilst almost a third have to fight to prove ROI to their bosses. Many point to lack of budget as a key reason why they are not able to perform to their full ability.
Brands with top budgets have really pushed the boat out in the past couple of years, showing the marketing industry what can be achieved if budgets are secured. Virgin has taken the experience of enjoying a holiday to a whole new level by including a 'live aspect' in its Seize the Holiday TV ad campaign. Spotify made the most out of its mountains of data to reflect on the rollercoaster ride that was 2016 in a global light-hearted campaign. Marketers are always finding new inspiration to reach their audience in a compelling way by using their company data and new technological trends effectively.
Unfortunately, not all of the industry has the budget for huge ad campaigns, but there is plenty of campaign inspiration, that is within reach. Londoners may remember the day the city was covered in fake £10 notes as part of the Carlsberg 'don't litter' campaign. Each note bore a sticker proclaiming that "Carlsberg doesn't do litter. But if they did it would probably be the best litter in the world". It's regularly cited as one of the best experiential campaigns in recent memory, even though it only cost five thousand pounds to create.
Nearly a decade ago, Threshers took a cheeky approach and seemed to have released a voucher code in the run up to Christmas, but it later transpired to be a viral campaign. The business saw a huge uptake in sales with very little investment, tapping into the rush all families face in the run-up to the festive period. It is clear that a limited budget should never restrain creativity and impact. So, how can marketers ensure that the correct amount of investment is dedicated to achieve successful results?
Secure that budget
Let's be honest - securing budget is no easy mountain to climb. However, there are steps that can be taken so that marketers are in better stead to secure the amount they need:
- Marketers must ensure they have a clear understanding of budget available from the C-suite. This allows them to be realistic about what can be achieved and ensures that they are managing the C-suite's expectation about deliverables
- Secondly, to get the C-suite's buy-in, they must demonstrate how their campaigns prove ROI by setting up a measurement framework
- Marketers should also look to invest in the appropriate measurement tools that work for their business to outline what impact the investment has had - be it data or other means
- Finally, they need to prove to the C-suite that they know their target audience and hence why their campaign will work
The marketing industry can often feel constrained by the constant drive to minimise budgets. However, if marketers take a proactive approach to measurement and proving ROI when presenting campaigns, they will be able to have a more constructive conversation with the powers that be. If marketers can demonstrate to the C-suite that marketing plays a crucial role in improving the bottom line, it will stand them in good stead when looking to secure the budget they need.
This article was first published on the MyCustomer website.