December 21, 2016

Our Resolution for 2017: Better Marketing Performance for Your Business

With the end of the year approaching, marketers are scrambling to finalize marketing objectives, plans, and budgets for 2017. For many, it’s a chance to reflect on last year’s achievements and find new ways to demonstrate their impact on the business.

To help you improve your marketing performance next year, we teamed up with our partner, Allocadia, to share a few simple steps that you can implement now for stronger results in 2017.

Synchronize both ends of marketing management to drive greater return.

We agree with our friends at Allocadia that marketers have two jobs: to “do” marketing and to “run” marketing. “Do marketing” covers the external-facing tasks, such as managing events or campaigns. “Run marketing” is the behind-the-scenes planning, operating, and evaluating to determine the next best marketing action. The two components, “do” and “run” need to happen in tandem to fuel better decision-making, which leads to improved performance and ultimately drives more revenue. When the running-marketing and doing-marketing components are disconnected, performance can suffer through bad investments and missed opportunities.

Allocadia's Run/Do ModelWe’re talking about Marketing Performance Management (MPM).

MPM is an evolution in how you manage marketing, and it’s what sets high performing marketers apart from the rest through more effective planning and more impactful execution that uses data to guide decisions. With the right MPM tools in place, marketers have new insight into which marketing components are working and which are not. The best marketers use that data to make strategic marketing investments to accelerate their marketing performance. The result? A greater return on marketing investments — whether that return be revenue, brand awareness, market positioning or whatever results are most valued by the business.

Prove marketing’s impact on the business.

To be effective and earn the budget dollars needed to power marketing plans, marketers need buy-in from across the organization – right up to the C-suite. To win support, prove how marketing goals directly support other areas.

To get your goals aligned:

  • Collaborate with the revenue lead on setting targets
  • Work with the finance team on process and accountability
  • Demonstrate how marketing aligns to the CEO’s top corporate objectives

That last one is really important. When you sync your marketing objectives to the corporate vision, it’s easier to demonstrate how you’re contributing to the business and your chances for a budget increase go up.

If you haven’t already, review your marketing objectives and initiatives to ensure that you’re aligned to leadership’s goals. Review the objectives with your team and assign accountability to make sure the entire marketing team is focused and on track to achieve them.

Plan for different scenarios.

Scenario planning is critical to help you remain flexible depending on your budget allocation. It sounds complicated but in fact doesn’t require a lot of resources or expertise. Rather, it’s an incremental addition to what you’re already doing in building out a basic functional plan under budget allocations. You just need to understand the numbers.

Create scenarios for 10 percent, 15 percent and 20 percent budget increases. What would you “do” if you had additional resources? Which tactics have the greatest potential for return? Conversely, be prepared for a budget decrease; know which initiatives would not make the cut, according to the data. Scenario planning is all about being prepared to make the right selections if your budget changes.

Set yourself on the path to better marketing performance in 2017. Contact us to learn more and discover how Covalent Marketing and Allocadia can team up to give you real-time visibility into your marketing investments so you can make data-driven decisions and demonstrate how your marketing plan is making an impact on your business.