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3 things you can do to make the most of your marketing spend and protect your marketing budget…
For marketers, the second half of the year is an opportunity to ramp up investment, build on activity to date, enhance visibility and take more market share, based on what’s been working well so far.
We’ve previously looked at how tough times are actually the perfect time to invest in Marketing [READ MORE: Marketing in a recession] and as, we’re starting to see a more positive outlook on the global economy, now could be the perfect time to take your marketing to the next level.
Having invested into a solid marketing strategy the second half of the year is the ideal time to look at the specifics of how your marketing budget is performing and make any further tweaks to ensure it works even harder. Focusing on getting more from your marketing budget ensures you stay ahead of the curve while the markets and global economies find balance and growth.
So what can you look at to improve your marketing spend?
1. Review your wasted marketing spend
One of the biggest challenges facing most marketers is waste. There’s always a certain amount of money wasted as you explore new markets, channels and strategies. Testing and learning is a crucial element of any marketing plan. But, of course, you want to minimise this waste by identifying, measuring and tracking your spend across different activities and agencies.
The reality is that you need to dig deeper into your budgets and your data to highlight the spend that isn’t working hard for you and your brand, and then refine it until it does.
This is why a data-driven approach to marketing is invaluable.
When you know where every last dollar is spent, every last cent is sitting, then you also know exactly how hard your marketing budget is working for you. One key area that often gets overlooked, especially at the mid-year point is your agency spend. Contracts have been signed, deliverables agreed upon, but it’s not too late to review your metrics and ensure that your marketing spend is being appropriately deployed.
RightSpend’s data-driven approach ensures your marketing money delivers an advanced return on your investments and can help you get $60 million of marketing activity from a budget of $50 million.
Make your marketing spend work for you by identifying waste and turning it into ROI.
2. Be agile with your marketing spend
Shift your spend and approaches in real-time and make decisions based on real-time data that helps refine your approaches to reduce your spend in the areas that aren’t working and send it to those that are.
Squeezing out every last drop of value from your marketing budget means being ready to adapt, and pivot. And this is where having transparency into your campaigns allows you to rapidly turn your efforts in new directions, to keep up with markets and consumer demands.
Yes, your budget is out of date from the moment it’s signed off. But that doesn’t mean it can’t work its socks off to deliver value.
All you need is the right data to make the informed decisions at speed, data to help you manage your visibility and transparency into your spend and your budget efficacy. RightSpend’s data spans multiple global markets and more than $10 billion in spend assessed annually, so it’s ready to help you flex, change and respond to an evolving marketing landscape at speed.
3. Invest into optimisation
To prepare your marketing budgets for the rest of the year and protect your budget for 2024 and beyond, ongoing optimisation is key. Building an optimisation strategy that uses technologies and tools at your disposal to constantly assess, refine and reassess your strategies.
The importance of experimentation and optimisation in maximising marketing revenue and results shouldn’t be underestimated. Experimentation means testing, trying and exploring new methodologies, channels and strategies. It has become almost mandatory in the current environment where consumer trends and market expectations pivot and change at an extraordinary pace. You need to know what the market’s doing and have the ability to spin on your heel and adapt through a process of constant experimentation and internal innovation.
Optimisation takes the learnings from experimentation, and from failed strategies, and applies these to new campaigns to constantly improve performance. This isn’t about radical change, but rather an incremental and iterative approach that allows you to tweak, adapt and refine processes and budgets to get the most value from your spend.
RightSpend helps global brands stay ahead of the markets and challenging times with data-driven capabilities that ensures experimentation, optimisation, processes, budgets and strategies are aligned and relevant. We’ve proven that we can save on average 20%, streamline your procurement process and deliver an advanced ROI.
Ready to maximise your marketing spend?
Book a demo of the RightSpend system to see how much you might be able to save or reinvest into more marketing activity.