How to strategically manage your marketing spend with 8 integrated simple marketing budget templates
Setting strategic and channel direction, working toward commercial objectives and KPIs, and monitoring your success is great. But if you're not tracking your ROI per channel it's hard to understand how much money you've had to spend to see a return. That's why you need a practical, accessible marketing budget.
How much budget is allocated to marketing?
The latest CMO survey found that yearly growth in marketing spending is predicted to rise from 11.7% to 13.6% in 2023.
Within this growing budget, digital marketing spending, which currently accounts for 57.1% of marketing budgets, is expected to grow by 16.2% over the next year.
A competitive marketing environment in 2023 means…
9 key differences between strategy vs tactics
‘What is the difference between strategy vs tactics?’ is one of the most common questions that 'crops up' when I’m running training workshops or discussing creating marketing plans with businesses.
It’s no surprise since the difference between these two activities often isn’t distinct. Yet, it’s an important question to answer since our research shows that so many businesses don’t have a clear marketing strategy or plan.
Without a clear strategy, it’s likely some of your tactics may be poorly directed, so may not be propelling the business in the direction needed.
9 key features that distinguish marketing strategy vs tactics
In this article, I will show the difference between strategy and tactics by looking at the characteristics of marketing strategy, which distinguish it from tactics. I’ll give examples that help show the difference between the two based on essential strategic activities.
What's the difference between strategy vs tactics?
Strategy dictates…
It’s not enough to create buyer personas and leave them getting dusty on the shelf. Find out how to apply customer personas to inform each stage of your marketing strategy
What are marketing personas?
Customer or buyer personas are fictional people who represent target customer segments. Personas are used by marketing teams to segment and target key demographic, psychographic, and behavioural traits of their target audiences.
The term ‘user personas’ is also commonly applied when analyzing particular online users’ behaviours, such as website experience (CX, UX) or in response to marketing automation (e.g. email or mobile campaigns).
Why create customer personas?
By researching and creating customer personas, we as marketers, managers, and business owners can gain valuable insights into our buyers’ preferences, motivations, pain points, and online behaviours.
Persona-based marketing techniques enable businesses to tailor their digital marketing campaigns and always-on…
Digital marketing is more important now than ever. My recommendations on the challenges and opportunities for growth
Where do you start if you want to develop a digital marketing strategy? It's still a common challenge since many businesses know how vital digital and mobile channels are today for acquiring and retaining customers. Yet they don't have an integrated plan to support digital transformation and business growth based on engaging their audiences effectively online.
The importance of digital channels in influencing brand discovery is highlighted by this research from Global Web Insight published in the Datareportal April 2023 Global Snapshot report.
This research shows that if you don't compete by maintaining quality online content to gain visibility within search engines and social networks, then you're missing out on opportunities to reach new customers.
Regardless of the type of business, if your…
7 steps to creating an effective marketing plan
A marketing plan is a bit like a job description for your company. Everyone should have one, but they’re often not fit for purpose, out of date, and reviewed infrequently...
Research has shown that businesses with plans succeed, outperform competitors, and retain staff, more than those with no plan.
Without a plan there’s no direction for the company or its employees, decisions can be uninformed, opportunities can be missed and threats can damage or destroy the business.
Whether you are looking at creating a traditional marketing plan or a multichannel digital marketing plan, we've got resources to help you.
What is a marketing plan?
A marketing plan is your place to document the process of defining and implementing your marketing strategy and creating a roadmap for future growth and business development. A marketing plan should be customer-centred, focused on your target audience and the value propositions…
A content marketing planning tool to help marketers generate ideas for the most engaging content types for their audiences
We created our Content Marketing Matrix to help our members audit their content marketing assets as part of creating a content marketing strategy. It can also be used for content ideation, i.e. to brainstorm future content ideas to generate leads, nurture prospects, encourage sharing and generate backlinks for SEO.
Since we created it eight years ago it's been shared many times and has inspired many 'mashups' in different formats as this Google search shows; great to see it's been useful!
I think our Content Marketing Matrix is a powerful mindtool for marketers since it's a content mapping tool, structured to help you think through two key dimensions of which types of content will best support the path to purchase for your target audience. The two dimensions…
What goes into the Amazon marketing strategy secret sauce? Our business case study explores Amazon's revenue model and culture of customer metrics, history of Amazon.com and marketing objectives
In the final quarter of 2022, Amazon reported net sales of over $149.2 billion. This seasonal spike is typical of Amazon's quarterly reporting, but the growth is undeniable as this was the company's highest quarter ever.
There is no doubt that the e-commerce retail giant continues to lead the way in e-commerce growth. The Amazon marketing strategy we are familiar with today has evolved since it was founded in 1994.
I've highlighted the Amazon marketing strategy case study in my books for nearly 20 years now since I think all types of businesses can learn from their digital business strategy. Their response to the pandemic is impressive but not entirely surprising…
Use our digital marketing strategy template integrated across the RACE Framework to plan and get ahead in your digital marketing
We all know the old saying “if you fail to plan, you are planning to fail”, but when it comes to digital marketing, this really is the case. It has never been more important than it is now to create a digital marketing strategy template so you can plan, manage and optimize your online activities.
Today, digital media is vital when it comes to driving leads and sales, meaning marketers need to understand how best to engage and convert online audiences. Despite this, our research shows that many businesses still don’t have a digital marketing plan.
As a result, companies are missing out on the benefits of having a digital marketing plan integrated into their overall marketing plan or as a separate roadmap for digital transformation. At a time when marketers are increasingly…
From SMART to SMARTER marketing objectives: Discover how to define marketing objectives, measure your digital marketing goals, and use data to inform your marketing strategy
When identifying specific marketing objectives to support your long-term goals, it is common practice to apply the widely used SMART mnemonic. You will know that SMART is used to assess the suitability of objectives set to drive different strategies or the improvement of the full range of business processes.
By definition, an effective SMART marketing objective is:
Specific, measurable, actionable, relevant, and time-bound.
One of the main reasons we called our site and service SMART Insights is because we help marketers succeed with a more structured approach to marketing strategy and planning.
If you haven't already, check out our top 18 digital marketing techniques to ensure you are covering the key areas of digital marketing that are relevant today.
Defining your marketing objectives
Our handy graphic summarizes the five different SMART…
Examples of how SMEs can use Porter’s 5 Forces to assess marketplace viability
Right now, Porter's 5 Forces is the most useful tool for owners and managers to stay one step ahead of the competition in a challenging market. The Porter's 5 Forces model has always been popular with SMEs in particular, looking to invest for growth and manage risk to their limited resources.
Earmarked as the best marketing model to help small businesses analyze the competition in the marketplace, balancing these 5 forces is a must for your 2022 marketing action plan.
What are Porter’s 5 Forces?
Porter’s 5 Forces is an analytical model that helps marketers and business managers look at the ‘balance of power’ in a market between different organizations on a global level, and to analyze the attractiveness and potential profitability of an industry sector.
Competitive rivalry
Threat of substitute products
Bargaining power of buyers
Threat…
