Has your marketing department discussed your budget for the new year yet? To keep your 2016 strategy on track, it’s essential to structure your budget smartly and align it to the right tactics.
Since 2011, digital marketing spend has ballooned, with the largest slices of the pie made up of search marketing and display advertising. The 2015 Forrester Research Digital Marketing Forecast, 2014 to 2019, determined that, “in 2016, the average firm will allocate 30% of their marketing budget to online” and this number could reach 35% by 2019.
But while digital marketing spend continues to grow, B2B marketers are also questioning their abilities to make an impact, at least given their current tactics. According to the Content Marketing Institute and MarketingProfs, the percentage of B2B marketers who think that their content marketing is effective has fallen to only 30%. And it’s no wonder, when 55% of B2B marketers can’t even say for sure what content marketing effectiveness would mean.
Given the abundant promise of digital marketing, coupled with these persistent questions about how to harness its power, your 2016 marketing budget must embrace digital tools and channels, while also leaving room for the flexibility to respond to your results in real-time.
So when you plan your organization’s 2016 marketing budget, here are a few things to keep in mind:
After all, marketing goals are set in keeping with sales and business development goals. Align your budget with the needs of the organization as a whole. That means evaluating how much of your resources should be spent on remarketing to existing customers versus reaching new prospects, determining the size and stage of your ideal client and more.
As you put money and resources toward creating great marketing content, don’t overlook the importance of conducting research into your audience’s needs. Consider: does your current budget fully equip your team to conduct ongoing research into your target audience, including their pain points and behaviors? What about up-to-date research into new marketing tools that might help you meet your benchmarks? When building your budget, it’s important to look to the future as well as the present.
Think about how best to allocate responsibility for various marketing tasks within your existing team, and consider whether it makes sense to partner with an outside firm. While hiring a consulting firm will come with obvious costs, the firm may be able to offer the services of a range of experts, such as data analysts and designers, that your organization could not hire individually. An outside firm can also bring valuable connections and experience to the table. When making a decision, consider the demands on your team’s time, and look for a growth partner.
The digital marketing landscape is more complex than ever, and it’s constantly evolving. For more guidance on how to plan for the future of marketing, download our white paper, Return on acceleration: how B2B marketers should reapproach a world that won’t slow down.
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