Staying Strategic With A Limited Marketing Budget

Staying Strategic With A Limited Marketing Budget

According to a Harvard Business Review CMO survey, 59% of marketing leaders are under increasing pressure from executives to demonstrate the impact of marketing spending. This focus on results is changing our understanding of the customer journey.

One of the main ways that strategists change in response to budget scrutiny is through the shift to marketing technology. Companies look to their marketing technology teams to develop a marketing strategy that will help them achieve their overall business goals.

Managers understand that creating and managing strategies alone is not the best option. Pooling the resources of multiple parties to create a common go-to-market strategy can accelerate, expand, and reach a wider global customer base. 

But marketers still need a simple and straightforward approach to budget cuts. How can they get the most out of their marketing spend and focus on the investments that will have the biggest impact on revenue?

1. Budget reform

The first step in budget reform is to assess the current situation. Sit down with your CFO and review the contract of every supplier, agency, every marketing team, and every employee to determine if they are experiencing the required ROI impact.

It is important to have a clear cost control strategy during an economic downturn. With the right marketing metrics, it's easy to check your marketing ROI using real-time data.

2. Creation of joint groups for testing gestalt marketing.

Even with a limited budget, communication can lead to success. The need to improve communication efficiency is critical when building hybrid and remote teams. According to research by Reclaim.ai, the average worker spends 21.5 hours a week in meetings , which is a lot.

Regular, structured meetings with a written agenda (instead of informal discussions off the agenda) can help reduce wasted time and improve team collaboration.

3. Using cheap tools

Ditching unnecessary subscriptions and investing in organizational tools like calendars and collaboration software can streamline your marketing package. Inexpensive tools like Google Analytics, Trello, and Asana can often help with this. Small teams don't need the latest marketing automation tools just yet. Try free forums. You will be surprised what you can do.

4. Reuse good content

In this economy, it is important to do more with less. According to the Casted State of the Content Marketer report, B2B content marketers spend an average of 33 hours per week (or roughly 82 percent of the workweek) . Save time and money by recycling and repurposing old content.

Consider creating a long white paper for content marketing and then breaking it down into blogs, infographics, and podcasts. Creating the same content for short term benefits like a product launch or press release and long term goals like a permanent data center.

Budgets are what they are, there is no getting away from it. Avoid this limited budget by adopting new strategies and rethinking old ones.

Informed Thinking is written by members of the media community and provides new perspectives on the digital media revolution.

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EP368: How to sell outside of your network with a small marketing budget

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