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4 Steps Marketers Can Take Towards Increasing Their Digital Marketing Budget - TopRank

4 Steps Marketers Can Take Towards Increasing Their Digital Marketing Budget - TopRank | The MarTech Digest | Scoop.it

iNeoMarketing executes your revenue-generating efforts with the right metrics and the appropriate reports. Contact us to learn more.

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3 Key Marketing Budget Numbers - HuffPost

3 Key Marketing Budget Numbers - HuffPost | The MarTech Digest | Scoop.it

From MarTech 101 to Advanced Techniques, iNeoMarketing has you covered. Contact us.

CYDigital/marteq.io's insight:

Something upon which to rely should you not have a bullet-proof attribution system in place.

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B-to-B Marketing Budgets to Increase an Average 6% - Ad Age

B-to-B Marketing Budgets to Increase an Average 6% - Ad Age | The MarTech Digest | Scoop.it

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CYDigital/marteq.io's insight:

I don't think any of us are surprised by this. Nice to see that social is not a part of the big chunks of B2B spending.

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Social media may be hot, but marketers are spending more on these four channels [infographic] - Marketing Pilgrim

Social media may be hot, but marketers are spending more on these four channels [infographic] - Marketing Pilgrim | The MarTech Digest | Scoop.it

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Marketing’s New Digital Role Is Shortchanging IT - HBR

Marketing’s New Digital Role Is Shortchanging IT - HBR | The MarTech Digest | Scoop.it

Digest...


As evidence of marketing’s central role, just look at which department in your firm is commanding the fastest-growing share of the technology budget and attracting the lion’s share of data analysts and data scientists. There are fewer marketing majors at the controls of marketing decisions than ever before, as the skills needed to participate in the revolution have been redefined. With data analytics as the driver and automation as the goal, marketing departments are scrambling to pull in skills that would have lived purely in IT and in the quant labs of financial service firms. These skills are now reaching beyond data analysis to encompass information architecture, application development, and technology project management.

 

This might be all to the good except that the rapid change in marketing roles and skills has come at the expense of the traditional IT organization. More than just a drain or overlap in skills, organizational budgets have shifted rapidly away from IT, leaving the CIO scrambling to support legacy systems that are still necessary and costly to maintain.

 

For this revolution to work, organizational power can’t simply continue to devolve from IT to the marketing department. CIOs and CMOs must meet in the middle. Decades of safe, smart IT practice needs to be applied to the new ways of finding and using data.

 

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CYDigital/marteq.io's insight:

Interesting phenomena: budget shifting to Marketing leaving IT to maintain existing systems. No: it should not be like this. IT is a partner, and must be treated as one.

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New IDC Tech Marketing Barometer Study Finds Marketers Are Optimistic About Budget Growth | IDG.com | #TheMarketingTechAlert

New IDC Tech Marketing Barometer Study Finds Marketers Are Optimistic About Budget Growth | IDG.com | #TheMarketingTechAlert | The MarTech Digest | Scoop.it

Basic/ Excerpt...


In a recent survey of senior marketers at technology companies, International Data Corporation's (IDC) CMO Advisory Service found that two-thirds are expecting budget increases for 2014. Additionally, IDC forecasts that marketing budgets within the technology industry will increase 1.5-2.5% overall in 2014. Third Platform companies – those with revenue primarily from cloud, social, mobile, and Big Data and analytics technologies – will see marketing budget increases that are six times greater than the rest of the industry, increasing their marketing spending between 8 and 12%.

 

Despite the projected gains, the average marketing budget increase is still less than half the surveyed companies' projected revenue increase of 4.6%.

 

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CYDigital/marteq.io's insight:

No doubt that the platform companies are marketing their tails off right now: strike now.

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Marketing Budget Shifts From Traditional to Digital Media Might Be Slowing - MarketingCharts | #TheMarketingTechAlert

Marketing Budget Shifts From Traditional to Digital Media Might Be Slowing - MarketingCharts | #TheMarketingTechAlert | The MarTech Digest | Scoop.it

Basic/ Excerpt...


Over the past couple of years there has been a growing body of research demonstrating a shift in marketing spending from traditional to digital media (examples here and here). But new signs are emerging suggesting that the pace of that shift is slowing: Duke University’s most recent CMO Survey found pessimism around future traditional ad spend easing, while a new report from the Society of Digital Agencies (SoDA) reveals that one-quarter of global client marketers this year planning to reallocate existing budgets into digital, down from 39% last year.

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CYDigital/marteq.io's insight:

As seen in the SoDA report from yesterday's scoop.

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Marketing Research Chart: How are marketing departments allocating budgets? - Sherpa | #TheMarketingTechAlert

Marketing Research Chart: How are marketing departments allocating budgets? - Sherpa | #TheMarketingTechAlert | The MarTech Digest | Scoop.it

Q. How do you foresee the percentage of your total marketing budget allocated to the following marketing tactics changing over the next year?

 

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CYDigital/marteq.io's insight:

Marketing technology on this list? Marketing automation? Content? Seriously??

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[Infographic] Marketers Embrace, But Still Struggle With, Content Marketing - Demand Gen Report | #TheMarketingTechAlert

[Infographic] Marketers Embrace, But Still Struggle With, Content Marketing - Demand Gen Report | #TheMarketingTechAlert | The MarTech Digest | Scoop.it

"While content is king for marketers, the latest survey from Frost & Sullivan finds that it’s also their principal challenge. Marketers tend to rate their content efforts as average, and they seem to be wedded to formats that predate the Internet."

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CYDigital/marteq.io's insight:

It just points to outsourcing: there's no other way around it.

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Infographic: Search versus Social Advertising - The Drum | #TheMarketingTechAlert

Infographic: Search versus Social Advertising - The Drum | #TheMarketingTechAlert | The MarTech Digest | Scoop.it
Paid search still represents the biggest share of digital marketing investment but Facebook social ad spend is growing at the faster rate...


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CYDigital/marteq.io's insight:

Consider B2B social advertising as the answer to "hitting where they ain't."

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Liz Bates's curator insight, May 11, 2015 11:42 AM

Very good at comparing data. If you are doing that this is great. If not, it's not very useful

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A Marketing Dollars Showdown - Content vs Swag - infographic - Digital Information World | #TheMarketingTechAlert

A Marketing Dollars Showdown - Content vs Swag - infographic - Digital Information World | #TheMarketingTechAlert | The MarTech Digest | Scoop.it
If you are a digital marketer, you know two things: your audiences are savvy and your budgets are tight. So why contribute to the $20 billion companies spend on crap when the ROI for content creation is so much higher? Here's a look at what your dollars can do for you - a content-versus-swag showdown.


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Who Has The Biggest Marketing Budgets? - Forbes | #TheMarketingTechAlert

Who Has The Biggest Marketing Budgets? - Forbes | #TheMarketingTechAlert | The MarTech Digest | Scoop.it
Marketing budgets are rebounding. They are expected to increase 6.7% in the next twelve months according to the February 2014 edition of The CMO Survey. This is a sizable increase over projected increases of 4.3% in August 2013 and a massive boost over the 0.5% increase reported in February 2009. [...]


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CYDigital/marteq.io's insight:

Life is good. And based on other data points, you can surmise where the spending is going.

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Budgets Shift To Content Marketing CMO’s Say - Chief Marketer - | #TheMarketingTechAlert

Budgets Shift To Content Marketing CMO’s Say - Chief Marketer -  | #TheMarketingTechAlert | The MarTech Digest | Scoop.it
CMOs agree that content marketing is important to their business, and many expect to see a positive ROI from their content marketing efforts this year.


Basic/ Excerpt...


This group cited four major areas of challenge: developing fresh, relevant, on-brand content to use in these marketing efforts (35.7%), reaching consumers across digital touch-points (24.4%), finding a steady stream of relevant content (17.8%) and understanding how to use social media for content marketing (17.4%). Despite the lack of understanding the use of social, CMOs (87%) agree that social media is the most engaging digital medium for content marketing, even more effective than email or video for marketing to consumers in real-time. This group labeled social media “extremely important” for engaging customers twice as much as sponsored articles, infographics and newsletters. Another concern is finding the resources to help CMOs leverage social media to market to consumers in real-time, and being able to measure the ROI from doing so.

 

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CYDigital/marteq.io's insight:

You can access the study here: http://learn.massrelevance.com/at-the-speed-of-life-cm. Regardless, if the data is true, then this may very well be a significant strategic error by the CMO, as content marketing needs an engine for distribution, management and report.

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ITSMA Services Marketing Budgets and Benchmarks: 2014 Budget Allocations and Trends | #TheMarketingTechAlert

Services Marketing Budgets and Benchmarks: 2014 Budget Allocations and Trends, a PowerPoint-style report, delivers a detailed look at the state of the services marketing profession as it exists in early 2014. It provides data on services marketing budgets, budget allocations, and marketing priorities from a range of companies across the technology and consulting industries.

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CYDigital/marteq.io's insight:

Limited to the behemoths providing services, and gives you another perspective on spending priorities. Would like to have seen more detail on marketing technology spending.

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60% of businesses plan to increase marketing budgets in 2014 [infographic] - Econsultancy | #TheMarketingTechAlert

60% of businesses plan to increase marketing budgets in 2014 [infographic] - Econsultancy | #TheMarketingTechAlert | The MarTech Digest | Scoop.it
Marketers are more likely to be increasing their overall marketing budgets for the year ahead than at any time since the launch of our first Marketing Budgets Report during the height of the economic crisis.

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CYDigital/marteq.io's insight:

Econsultancy has published additional charts which you can find here.

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Three Things Marketers Must Do To Demonstrate Their Worth - Forbes | #TheMarketingTechAlert

Three Things Marketers Must Do To Demonstrate Their Worth - Forbes | #TheMarketingTechAlert | The MarTech Digest | Scoop.it


Basic/ Excerpt...


One of the biggest disconnects between marketing and senior management is metrics. Marketers focus on intermediate brand-equity measures; senior management focuses on revenue growth. Last year I watched this disconnect play out in the boardroom of a large financial services corporation. While the CMO talked about the importance of creating an iconic marketing campaign, the sales director focused on what generated the most sales. Which do you think had more credibility with the CEO? Marketers need to identify how the intermediate brand-equity measures lead to positive behavioral outcomes if they are to be taken seriously.

 

Above all, marketers need to build bridges to the rest of the organization. Everything a brand does impacts how a customer thinks, feels and acts. If marketing is limited to the domain of “advertising,” it will never be effective. Marketing’s job should be to help build, reinforce and enhance meaningfully different experiences that resonate with customers and drive their predisposition to buy the brand and pay a premium for it.

 

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CYDigital/marteq.io's insight:

And another 101 article, which is B2C oriented. However, I found value towards the end, and found it somewhat curious that major B2C companies need to learn the lesson of measurability.

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seanhoneycombe's curator insight, October 1, 2014 8:04 PM

The three main ideas discussed by Forbes regarding how to create value and equity to your brand are very interesting. I agree with all three stages and particularly enjoyed the idea that "marketers need to build bridges to the rest of the organization" in order to connect with the market and be successful 

Sarah Hollier's curator insight, October 2, 2014 1:00 AM

This article highlights the importance of brand equity, and how everything a brand does influences the customers perception. In order to do this marketers must build bridges with the rest of the organisation.

Sophie Pagani AUT's curator insight, October 5, 2014 12:53 AM

This article was interesting because they identify 3 important factors to increase brand equity. The first is to identify your brand's difference in the market place. This is greatly important as there is a lot of clutter products and brands need differentiation to become memorable and distinctive which will then increase their brand equity.  The second point made in the article is to focus on positive brand experiences. If they ensure the customer's have a positive experience the will develop a positive view towards the brand and increase the brand equity. The final point is about communicating the overall profit from the marketing as if they are not gaining profit from what they are are promoting, then the business will fail. 

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A blueprint for evaluating content marketing ROI - Smart Insights | #TheMarketingTechAlert

A blueprint for evaluating content marketing ROI - Smart Insights  | #TheMarketingTechAlert | The MarTech Digest | Scoop.it
A blueprint to help you calculate the cost of you content marketing and measure your content marketing ROI.

 

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CYDigital/marteq.io's insight:

I wouldn't call it a blueprint for ROI as much as a blueprint for costing out your content marketing efforts. In the graphic above, the first box breaksdown the various cost centers, the second box breaks down the individuals potentially involved, and the last box differentiates light vs. heavy content. All in all an effective means to strawman out costs.

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Survey: 80% Of Marketers More Optimistic This Year With 62% Increasing Data Budgets - MarketingLand | #TheMarketingTechAlert

Survey: 80% Of Marketers More Optimistic This Year With 62% Increasing Data Budgets - MarketingLand | #TheMarketingTechAlert | The MarTech Digest | Scoop.it

Marketers are upbeat this year, with 80 percent of the respondents for an Infogroup Targeting Solutions (ITS) survey claiming to be more optimistic about their organization’s marketing efforts than they were last year.


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CYDigital/marteq.io's insight:

Flies right in the face of Forrester's outlook on marketing budgets: how can one area (data) increase so high while everything else does not? Seriously, who the hell knows, but you know there is significant investment going on in marketing technology and data, and if not implemented correctly and measured appropriately, the spending will come to a screeching halt.

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B2C vs. B2B Priorities - Econsultancy | #TheMarketingTechAlert

B2C vs. B2B Priorities - Econsultancy | #TheMarketingTechAlert | The MarTech Digest | Scoop.it
Customer experience, mobile and content marketing are among the three most important business opportunities in 2014, according to a new report from Econsultancy and Adobe.

 

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CYDigital/marteq.io's insight:

I fully expect Customer Experience to increase in importance as the year progresses. It's an easy win.


And not surprised by MA's inroads. At the cusp...

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B2B Marketing Budgets to Increase by 6 Percent in 2014 - CRM Magazine | #TheMarketingTechAlert

B2B Marketing Budgets to Increase by 6 Percent in 2014 - CRM Magazine | #TheMarketingTechAlert | The MarTech Digest | Scoop.it
Marketers face pressure to justify budget increases with revenue results, a Forrester study shows.


Intermediate/ Excerpt...


Still coping with the aftermath of the recent recession, companies are reluctant to increase marketing budgets in 2014, according to a new report from Forrester Research. Of those surveyed, 45 percent reported plans to hold budgets flat, and only 32 percent said they would increase budgets for the upcoming year. Among the biggest roadblocks to bigger budgets, Forrester analyst and report author Laura Ramos says, is pressure to tie marketing goals directly to business objectives and revenue results.

 

"Following some of the economic challenges of recent years, companies have become more cautious about the way they're spending their budgets," Ramos says. "There's more scrutiny when it comes to how each marketing decision affects revenue and the business at large, so companies are being careful about moves to 'turn the faucet on' drastically. Marketing budgets are expected to increase by six percent on average, and I think this represents a very cautious optimism for the time being," she adds.

 

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CYDigital/marteq.io's insight:

Yet another cry for the benefits derived from the implementation and management of marketing technology.

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B2B Marketers Expect Bigger 2014 Budgets: How Will You Spend It Wisely? - Forrester | #TheMarketingTechAlert

B2B Marketers Expect Bigger 2014 Budgets: How Will You Spend It Wisely? - Forrester | #TheMarketingTechAlert | The MarTech Digest | Scoop.it
Sound the fanfare! Business-to-business (B2B) marketing budgets are on the rise!


Advanced/ Digest...


For 2014, the B2B marketing portfolio should include:

-- >  Investing in assets with high reuse potential. B2B CMOs should work with field marketing and line-of-business leaders to build a portfolio of marketing assets — like tablet-based sales tools, industry-specific sponsorships, or interactive tools — that field teams can leverage across multiple programs and reuse with minor modification.

-- >  Prioritizing regional or industry-specific events over big shows. B2B business relationships are built on trust and personal interaction. For this reason, marketers will never be able to banish trade shows from the marketing budget. Instead, B2B CMOs need to challenge their event teams to shift their focus from major conferences to more intimate local affairs that let prospects and clients mingle with executives, key partners, and thought leaders.

-- >  Optimizing digital/social spend to drive business results. Experimenting with new tactics is important, but marketing leadership must also seek out the right tools and partners that can help their teams pinpoint which digital elements of the online marketing mix reach the right buyers and produce results that help the business reach revenue and growth goals — not just reach.

-- >  Focusing content creation on thought leadership versus product collateral. B2B CMOs will need to direct content marketing efforts on delivering new commercial insights, inspiring customer stories, or forward-looking viewpoints to provoke buyer engagement.

-- >  Setting aside money for the unexpected trend to test. Set aside a slush fund outside of planned budget items to experiment with new approaches or respond to new opportunities. Manage this fund inside of paid advertising budgets that ramp up or down more flexibly and require less upfront commitment.

 

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CYDigital/marteq.io's insight:

FORGET THOUGHT LEADERSHIP!!!  Build your content to assist your prospects with their due diligence. They're travelling down the path right now to learn about your products and your industry BEFORE they contact you. Give them what they need.

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Forbes Insights/gyro CMO Index: Marketers optimistic about next 6 months | B2B Magazine | #TheMarketingAutomationAlert

Forbes Insights/gyro CMO Index: Marketers optimistic about next 6 months | B2B Magazine | #TheMarketingAutomationAlert | The MarTech Digest | Scoop.it

Excerpt...


According to the survey, 39% of respondents planned to increase marketing budgets, 12% planned to decrease them and 49% will keep budgets flat.

 

Also, 54% of marketers plan to maintain their existing marketing staff levels, 36% plan to add staff and 10% are looking to cut.

 

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CYDigital/marteq.io's insight:

The Marketing Charts scoop shows past performance, and this scoop presents future trends (not taking into account the forthcoming US budget battle).

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Global Marketing Budget Confidence Continues to Grow in October - MarketingCharts | #TheMarketingAutomationAlert

Global Marketing Budget Confidence Continues to Grow in October - MarketingCharts | #TheMarketingAutomationAlert | The MarTech Digest | Scoop.it

After expanding throughout the Summer months, global marketers’ confidence in their budgets remains solid, per Warc’s latest Global Marketing Index (GMI). This month, the budget component of the index recorded a value of 51.8, relatively unchanged from last month and marking the 10th consecutive month above the threshold value of 50. (A score above 50 indicates a generally improving environment, while a score below 50 indicates a generally declining environment.) Interestingly, the budget index was this time buoyed by expectations in the Asia-Pacific rather than in the Americas.

 

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CYDigital/marteq.io's insight:

The optimism continues. I'm curious as to how this charts out as the battle over the US budget looms large in January into February.

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How to write a marketing budget your CFO will enthusiastically support | @HeinzMarketing | #TheMarketingAutomationAlert

How to write a marketing budget your CFO will enthusiastically support | @HeinzMarketing | #TheMarketingAutomationAlert | The MarTech Digest | Scoop.it

Condensed...


Here are seven specific best practices to get there:

1. Ask for organizational goals up front

2. Get sales buy-in first: Before taking your plan & budget to the CFO, run it by your sales counterparts. Make sure they understand how vital your plan is to helping them hit their number next year as well.

3. Cut unsuccessful line items from last year (and explain why)

4. Organize by business objective (instead of marketing function): Most marketing budgets are organized in a way that lacks clarity for the CFO. It may be easier for you and your team to manage input and areas by sorting them by your org chart or primary functions, but it’s far easier for the CFO and other members of the management team to justify your budget if it’s organized by business objective.

5. Project results wherever possible (revenue, not just spend): Most marketing budgets focus entirely on costs. And even if you couch everything in terms of the overall business objectives they support, it’s far better to project precisely what results you expect from any new budget requests. Better yet, create a mini ROI calculator inside your budget so that any negative impact of cuts are clear.

6. Make future expenditures contingent on early success: It’s tempting to ask for everything up front. But in today’s fast moving markets, it’s also difficult to accurately predict what you’ll really need in the second half of next year.

7. Tie staff bonuses to sales performance, not marketing tactic completion

 

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CYDigital/marteq.io's insight:

Couple of other things:

1) If an incremental boost in prospects are needed to attain corporate objectives, then you need to quantify the leads required to build the prospect list, and the cost per lead from each tactic.

2) Tieing staff bonuses to sales performance is tricky, as you may lose the focus of staffers who need to juggle multiple responsibilities.

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Don’t Believe All You Hear About Rising B-to-B Marketing Budgets | SiriusDecisions Blog | #TheMarketingAutomationAlert

Don’t Believe All You Hear About Rising B-to-B Marketing Budgets | SiriusDecisions Blog | #TheMarketingAutomationAlert | The MarTech Digest | Scoop.it
Comparing predictions against reality when it comes to marketing budget planning.


Key excerpt...


The bottom line: After years of comparing predictions against realities, we can safely say that when it comes to predicting marketing budget increases, CMOs are an optimistic bunch. They tend to anticipate increases that are approximately 50 percent greater than what is actually realized. Since these same marketing leaders are the ones who fill out surveys, the predictions of budget increases made by most pundits, bloggers, publications and research firms also tend to be higher than the reality by about 50 percent.

 

So take this as fair warning: When it comes to b-to-b marketing budget predictions, don’t believe everything you hear.

CYDigital/marteq.io's insight:

So all those budget reports we've been reading...halve them? I see where Sirius is coming from: we're all guilty. But with the projected growth in marketing technology spending, I think we can meet half way between the previous post and this post.


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