Getting more from your marketing spend

Sometimes I ask Google a series of questions to gather intel on a topic I plan to write about, today’s questions were:

1. “How effective is our marketing?”

Google offered me an interesting article at the top of its suggested content an opinion piece from the Guardian by Ray Perry of the Chartered Institute of Marketing offering advice on how to go about making sure your marketing is effective.

What intrigued me was this well-founded advice was written in 2001! As I read what Ray opined, I thought wow why are we still pondering how we can make our marketing investments pay dividends?

2. “How can my marketing deliver a better ROI?”

Reading some of Google’s suggestions to this question, it was Amy Gallo’s piece in the Harvard Business Review “A Refresher on Marketing ROI” that piqued my interest most.

“Good marketing is not about winning creative awards or telling interesting stories,” … It’s about “delivering customers and sales.” Measuring how efficiently the marketing organisation is using the company’s money keeps everyone accountable for using those funds wisely.

Ultimately good marketing must deliver profit.

3. “Why develop a marketing strategy?”

Google really came up trumps with its suggested answers to this third question about developing a marketing strategy. The most useful item was from Business Queensland.

"Effective marketing starts with a considered, well-informed marketing strategy. A good marketing strategy helps you define clear, realistic and measurable marketing objectives for your business.

Your marketing strategy affects the way you run your business, so it should be planned and developed in consultation with your team. It is a wide-reaching and comprehensive strategic planning tool that:

  • Describes your business and its products and services

  • Explains the position and role of your products and services in the market

  • Profiles your customers and your competition

  • Identifies the marketing tactics you will use

  • Allows you to build a marketing plan (the tactics to deliver) and measure its effectiveness."

The key takeaway from this article is that too frequently SMEs jump into TACTICS without first considering the overall direction and goals for their marketing and then wonder why the ROI from their spend is poor.

Easily the most important conversation any business should be having about marketing is understanding the difference between strategy and tactics.

Where to start that conversation?

Benchmark your marketing’s effectiveness – our 9Boxes™ benchmark is designed to provide you with a starting score, our guidance will assist you to start that conversation with your team.

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