Experts identify issues that could create cracks in marketing budgets
The complex B2B buying cycles can trigger miscalculations that may wreck a brand’s marketing budget. Many companies fall prey to predictable mistakes, which can be elucidated and avoided.
In recent times, marketers tend to focus their marketing strategies to the needs of the C suite. Yet, according to a Google study, 24 % of marketing discussions are not handled by C suite executives. Some global companies do not even involve their CMO in marketing decisions. Nevertheless, B2B marketers must prepare themselves for both possibilities.
Multiple major brands have young entrepreneurs as CMOs. According to the Google survey, 46 percent of B2B buyers are millennials. Brands must allot a considerable amount of marketing funds for research. An in-depth analysis of social media content and digital channels will help the marketing team tweak their strategies.
Social media has another important use apart from shedding light on its users. Some companies assume social media to be an advertising platform, but it also yields better service for brands who wish to generate leads. This two-way medium can serve as a system to observe and connect with probable leads. Major companies gain immense popularity and financial success by following the motto ‘Educate, engage, entertain, and inspire.’
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However, marketing efforts do not stop at lead acquisition. When companies find maximum lead generation by spending their entire budget on it, they fail to realize that the acquired leads need further attention. To sustain in the long run, marketing leaders must include ‘lead nurturing’ in their objectives.
Brands that risk overlooking split testing and AB testing could find themselves in a budget crunch or even a significant financial setback. CMOs can save a considerable amount of funds by asking their marketing teams to regularly administer these tests as it would indicate failed tactics and audiences who might not convert.
Marketing budget allocation has to be flexible. Living in a volatile economy, technological advances, economic crises, and other unseen circumstances are inevitable. A good marketing strategy would be adaptive with several equally essential objectives. During the annual budget check, it is crucial for brands to reflect on possible obstacles or changes in the market and allocate their budget as they deem fit.
A significant number of B2B companies find themselves in a troubled position, wherein the marketing budget is loaded, but profitable returns range from average to below average. Experts cite an inadequate system of measuring to results as a reason. Determining all criteria, including ROI, CTR, leads, traffic, and engagement, is imperative.
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Industry leaders recommend a combination of split or AB testing and results from multiple analyses as a dependable strategy.
In Peter Drucker’s words, “If you cannot measure it, you cannot improve it,” brands must rethink their marketing strategy and budget allotments for long term successful financial gains.
