It’s Time to Plan the Marketing Budget for 2014

  • Where oh where should you invest marketing funds in 2014?

    We’re deep in end of year budget planning.  So where should the focus be?

    Check out this post by Jon Miller of Marketo for INC Magazine.

    A Better Way to Set Your Budget for 2014

    Consider this: when the Lenskold Group asked marketers how much they could increase incremental profits in company with a 10 percent increase in budget, nearly half of marketers responded, “I don’t know”. The reality is that marketers cannot expect a CFO or anybody to place value on the marketing budget if they are not able to quantify it themselves.

    As Jon points out, you need to analyze your sales funnel to understand what really drives it before making an investment. Jon is right that you need to treat marketing as an investment, and not an expense.

    One of the questions you undoubtedly need to ask yourself is this: “What new marketing investments can make a big difference for us in 2014?”

    Introducing Marketing Made Simple TV

    Marketing Made Simple TV is the popular and syndicated show created by the award-winning marketing expert Jeff Ogden. It interviews world-class experts in marketing, social media, content marketing, business leadership and more. And every show contains a Call to Action too.

    Here are 3 other things that should be on your agenda for the new year:
    1. Buyer Personas – If I hear one more person say you have to create great content, I will vomit. What is great content? It is content your CUSTOMERS love. But what do your customers actually love? The only way to know is to ask them. And I suggest you use trained professionals, like the Certified in Buyer Persona experts at Find New Customers.
    2. Content Marketing – With Google Hummingbird, there’s a new premium on good content. Did you notice the rich got richer when Hubspot hired Joe Chernov as VP of Content. What’s your content strategy in 2014. You should watch Epic Content Marketing with Joe Pulizzi too.
    3. Unwinding the data hairball – Face it, you are deluged with data today – customers touch your business in more ways that ever. You need to harness that data and turn it into useful, pragmatic information. Pick up Big Data Marketing by Lisa Arthur for more.

    Focus on those three action items and consider new platforms, like Marketing Made Simple TV.

    Here’s to a big year for you in 2014!