Have you ever wondered why marketing seems to be so complicated sometimes? I mean, seriously. Agencies, consultants and high-priced executives all think they know best, when in reality, sometimes it’s the employees in the trench doing the day-to-day work for the company that know if a marketing strategy is going to work or not.
Instead of dissecting everything that goes into marketing, let’s take a look at a few simple things that businesses need to review before tons of money is invested in marketing. Here we’ve broken down marketing into two very simple categories, Lead Generation and Sales Collateral.
My suggestion is to ask your sales team what marketing function is most important to them and what they will actually use day-to-day. My guess is your sales team will probably say they want software tools to help them in the prospecting process. Naturally, they also want qualified leads. Take a look at the list below and break down by percentage what’s important and what’s not?
Percentage of Marketing Budget
Let’s use fictitious numbers to help explain this example. If your annual marketing budget is $500,000, Lead generation gets a large slice of the budget because you want to fill your pipeline with qualified leads through many channels. Sales collateral is only truly effective if you have a leads, thus it is far less than Lead generation.
70% Lead Generation $350,000
- Social Media
- Digital video
- Content marketing (Landing pages, eBooks and Blogs)
30% Sales Collateral $150,000
- Website Content
- Mobile App
- Live Chat
- Content marketing can also be used here as well
When you break down your annual marketing budget this way, it becomes a simple task, not an arduous one that everyone dislikes. Once you decide what falls under Lead generation and Sales collateral, then you can decide how much money to apply to each area. This is a very simple way to allocate a marketing budget without spending all your money on pricey consultants telling you how to spend it. Once you start this exercise you will soon realize that over time you will swap out certain initiatives and try new ones. This is a healthy way to continually capture increased market share and still stay within your budget.
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Photo Credit: HubSpot