Consumer spending inched upward in May, and this uptick – combined with other indicators, of course --suggest the US economy is continuing to recover. Even so, many marketers still feel as though their budgets are under siege. Some are enduring cuts. Others say promised increases haven’t materialized. Most have grown accustomed to being under the microscope, as the C-suite remains vigilant for operational efficiencies and revenue drivers.
What can you do if you’re facing financial constraints and/or increased scrutiny? How can you make the most of your marketing spend –and still remain competitive? Here are my top five recommendations:
Invest in new technologies. Manual processes and old-fashioned spreadsheet analysis can’t keep up with the demands of the modern marketing environment. You need big data analytics to ensure you’re targeting the most relevant channels – and to help you glean the customer insights now required to drive effective marketing campaigns.
Invest in talent. Don’t lose out on opportunities because you don’t have the right people to fill crucial roles. Read my advice for filling talent gaps in this earlier blog post.
Focus on a balanced approach. Once you have the technology and talent in place, let the data tell you what’s working . . . and what isn’t. Don’t make the mistake of assuming anything. For instance, just because a certain digital platform is making headlines with some “hot” innovation doesn’t mean your customers have flocked there. Balance your approach with both digital and traditional channels –and let the analytics inform how you optimize the mix.
Integrate your efforts. To be effective, marketers must harness the data – big data, small data, all data -- and use the wealth of insights available from digital and traditional channels to engage customers and prospects in highly personalized, intelligent, one-to-one messaging, regardless of channel. Teradata’s Interactive Customer Engagement solution is designed to allow marketing organizations to straddle the two “worlds” – digital and traditional – and squeeze known value out of every dollar.
Demonstrate results. Prove the value of marketing by reporting your success. C-suiters now demand greater accountability and transparency than ever before. Give them what they want. Use data to demonstrate your results and link marketing spend directly to revenue growth.
To sum it up, here’s the essential truth about branding budgets:
As it’s shaping and improving the customer experience, every dollar spent should drive brand and drive traffic. You need to know which dollars -- regardless of channel –contribute more to that overall goal and which contribute less. An integrated, data-driven approach offers that level of insight. It sheds light on necessary adjustments and so, helps you make the most of your marketing spend, especially if you experience cuts.
