Building Every Spending Decision Off of a Solid Base of Insight

The marketing landscape is evolving rapidly, and businesses need to adapt to remain competitive. In today’s challenging economic environment, companies must prioritise their spending and be strategic in their marketing efforts. According to a recent Gartner report, marketing budgets have increased to 9.5% of company revenue in 2022, up from 6.4% in 2021, but still below pre-pandemic levels. This means that marketing teams must make every pound count, ensuring that their efforts are aligned with business goals and focused on driving results. 

This is where ‘Starting at the end’ comes into play. 

Effective marketing requires following key practices:

#1 Define Business Goals: 

The first step for businesses is to clearly define their business goals. ‘What do they want to achieve in respect of metrics?’ – what will you be judged on as a marketer? make sure to ask ‘What does success look like for the business? We must ‘Start at the end’. This involves identifying what the business wants to achieve with their marketing efforts and ensuring that every initiative is aligned with those goals. By taking a strategic approach, businesses can prioritise initiatives that will have the biggest impact on their bottom line and avoid wasting resources on activities that don’t contribute to their overall objectives. The metric might be ‘eyeballs on a site’, conversions, data capture counts, prompted or unprompted awareness – it rests on the shoulder’s of the marketing expert to take account of the relationship and find what underpins the entire brief – and success for the business in mention.

#2 Analyse Key Markets: 

The second practice is to analyse key markets and identify opportunities for growth. This requires a deep understanding of customer needs and preferences (building personas), as well as a solid understanding of the competitive landscape. By gathering data and insights on their target audience and competitors, businesses can make informed decisions about where to focus their marketing efforts and identify areas where they can differentiate themselves from the competition.

#3 Identify Opportunities: 

Building on the insights gained from analysing key markets, the third practice is to identify opportunities for growth. This requires businesses to be creative and innovative, exploring new marketing channels, experimenting with new ad formats, and constantly testing and iterating to improve performance. By embracing new technologies and staying ahead of the curve, businesses can take advantage of disruptive innovations and stay competitive in a rapidly changing marketplace.

#4 Understand Competitors: 

To thrive in the new era of marketing, businesses must have a solid understanding of their competitors and the SEO practices they have in place for their searchability. By analysing their competitors’ strengths and weaknesses, businesses can make informed decisions about their own marketing efforts, identify areas for improvement, and take advantage of opportunities to differentiate themselves from the competition. important to take time at the top 5 – the top 5 competitors within the sector in discussion. Marketing leaders- challengers and followers must be reviewed in terms of the objectives a company wants to make. 

Above all, it’s important for businesses to base every spending decision off of a solid base of insight. This means using data and analytics to inform marketing decisions, constantly tracking and measuring results, and ensuring that every effort is delivering the desired outcomes. By taking a data-driven approach, businesses can make informed decisions about where to invest their marketing resources and ensure that they are getting the best possible return on investment.

Overall, by following these key practices, you as a marketer can navigate the rapidly evolving marketing landscape, stay competitive, and achieve their business goals.

The Cusp
The Cusp