Chart of the day: 11.1% of businesses budgets is spent on marketing activities on average
Research by The CMO Survey has found that 11.1% is the average budget spent on marketing. As shown in the chart below, 11.1% on average is how much businesses are spending n marketing. If your business is spending less than this, it's worth considering whether there are missed opportunities.
Across sectors, the research has found that marketing spend is mixed, but there are a number of industries that spend considerably more than others. Shown below is the percentage of budget spend on marketing in each sector listed. Energy, healthcare, media and tech industries are leading the highest average marketing spend
Digital marketing also dominates marketing spend across B2C and B2B sectors when compared to "traditional" marketing spend.
Psychology research that will help you subtly convince your leads
Ever wanted to get into the minds of your customers and figure out how they think? Ever wanted to know the best methods to convince someone to do something?
As the study of the human mind and behavior, psychology has answers to what you're looking for. Psychology is applicable to a wide range of fields, from daily life to counseling to human resources. But what you're probably more concerned about is the intersection of psychology and marketing
1. Relate to your customer
Goldstein, Cialdini, and Griskevicius (2008) conducted a study on Using Social Norms to Motivate Environmental Conservation in Hotels. In particular, they tried to determine what kind of message would get hotel guests to reuse their towels. They used three variations, paraphrased below:
Standard message: 'help save the environment'
75% of hotel guests in this hotel reuse their towels
75% of hotel guests…
Chart of the Day: CMO survey of investment in alternative strategies for growth
A key part of marketing strategy development is to review the strategic options for growing a business. Here we're sharing a breakdown of actual investment by companies using this classic marketing model that has stood the test of time since it originally dates from the 1960s...
You may recognize Ansoff’s growth model, which is a matrix that can be used to identify alternative growth strategies by looking at present and potential products in current and future markets. The four growth strategies are market penetration, market development, product development, and diversification.
It's no surprise that investment in existing markets is the main focus, followed by new product development. But it's surprising to me that market development and diversification are as high as they are. This breakdown showing the balance between…
A round-up of our time at TFM 2017
This week the Smart Insights team were in London for Technology for Marketing 2017. A two-day conference dedicated to martech. If you didn’t make it to TFM, here is a recap of Dave's talk and panel discussion, as well answers to the most common questions we were asked at our stand.
Download the 10 reasons you need a digital marketing strategy booklet
All visitors to the stand were given a new 10 reasons why you need a digital strategy mini-booklet which gives recommendations on what a strategy should include - you can download it here [pdf] if you want to take a look.
How to measure and improve your return on MarTech, Dave Chaffey
The focus is on the product
In the digital age, the role of a marketing manager is blurred and often comes down to online promotion. What's the first thing that comes to mind when I say ‘digital marketing’? I bet it’s SEO, paid ads or social media campaigns. However, user acquisition is only the top of the conventional marketing iceberg. Developing a lovable product in the SaaS world remains the task of the highest priority.
Great products trigger word-of-mouth effect which is the most reliable and also the cheapest marketing channel. Therefore, keep in mind that the 4Ps of marketing are still alive and well.
What about SaaS pre-launch stage when you don’t have a product ready yet? I’m here to share our experience and best practices.
Make use of the market research
SaaS marketing starts long before…
Our goals are the same as they’ve always been: attract customers’ attention, stick in their memories, and provide a great service (or product) they keep coming back to.
That’s never going to change. So what’s the difference? Consumer choice. Gone are the days when we could spray-and-pray radio ads and advertorials in high-circulation outlets. Consumers are absolutely glutted with options. There’s more out there than anyone person could ever experience and it’s just as difficult – if not more so – to stand out in the all-too-familiar “crowded marketplace” as it ever was, fancy tools or not.
1. Turn off your phone and call a meeting
Meetings aren’t anybody’s favourite pastime. But you’re going be glad you arranged this one because you’re going to get your entire team together to figure out the most important step in implementing any marketing plan for a startup: “what do we want to achieve?”
Your business' success depends…
Chart of the day: Closing more deals remain the top priority for sales teams worldwide, whilst getting a response from prospects remains a challenge - part 3 of 10.
Last week, my chart showed the priorities and challenges of a marketing team. This week we will delve deeper into the sales team within businesses to uncover their priorities and challenges.
What are your company's top sales priorities for the next year?
For the majority of sales professionals, closing more deals remains a top priority (71%). However, improving the sales funnel is in second place (44%) and social selling and other sales strategies are third (29%).
Investing in sales technology (16%) and Customer Relationship Management (CRM) (14%) are the lowest scoring priorities.
What is the most difficult to do in sales compared to 2 to 3 years ago?
Chart of the Day: Digital Marketing statistics - Converting leads to customers remains a top marketing priority over the next 12 months - part 1 of 10
It is important to know how sales and marketing are evolving, and how/ when this will affect your business. There are various marketing and sales priorities to think about when outlining your business strategy and initial planning but it is also important to know its challenges and how to face these.
Marketers are making the leap into visual content creation while salespeople are slowly shifting from the hard-seller stereotype to a more trusted advisor.
- Brian Halligan CEO HubSpot
In this chart series, I will breakdown the HubSpot 'State of Inbound 2017' report for all your sales and marketing needs - taking you through section by section and breaking down its results.
The 10 areas that will be covered are:
Top business priorities
Inbound marketing priorities and challenges
Sales priorities and challenges
SME/SMBs are often overlooked for marketing best practice advice. Our new RACE planning guide addresses this.
Marketers tend to love talking about the big, high budget campaigns. People writing up case studies are naturally drawn to big brands with big budgets, as they have the capacity to produce the 'flashiest' campaigns and assets. But investment in marketing for startups and smaller businesses is more important by volume, even though in each the budget is limited and every dollar, euro or pound of investment counts.
To get the most from limited marketing budget, in our guide for SMBs we have reviewed all the low-cost options through the marketing funnel shown by our RACE planning framework developed by our own Dr. Dave Chaffey. If you're not familiar with the RACE framework, this infographic gives a brief explanation - you can see it covers the activities to support marketing across the customer lifecycle or funnel and how to measure them.
Introducing 3 key methods for starting to integrate sales and marketing
Marketing and sales teams have a reputation for not getting along. Working towards the same ultimate goal in different ways means there is often friction. We’ve all heard that when the sales are coming in it’s because the sales team is doing a great job and when the sales slow then the marketing team needs to pull its socks up. How do we fix this? The key levers are regular and open communication, an understanding that each team needs the other in order to succeed, and well-implemented systems that help, rather than hinder performance for both teams.
When you think about it, there is nothing surprising about the fact marketing and sales teams often feel like they're working at cross-purposes. They tend to work to a totally different set of metrics and goals.