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?
Did you know, as of Fall 2023, marketing accounts for 10.6% of overall budgets, and 9.2% of company revenues? In small businesses, with fewer than 50 employees, this rises to 18.1% of the budget, but 19.5% of the revenue. Whereas those with over 10,000 employees allocate just 8.1% to marketing, to achieve 4.8% of revenue.
The latest CMO survey found that yearly growth in marketing spending is predicted to rise 7.2% in 2024. Within this growing budget, digital marketing spending…
Set your Key Performance Indicators, make them SMART KPIs, and align your objectives using our RACE Framework to achieve YOY growth in key metrics for your business
KPIs are a useful way for digital marketers to set expectations and prove that their work is having a positive impact. To outsiders, the success of digital marketing activity can be seen as difficult to measure but this really isn’t the case. In fact, it’s normally easier to measure progress metrics for a digital campaign than an offline one.
The aim of this post is to help you set digital marketing KPIs to measure what really matters at the moment, in a way that all parties can agree on. Smart marketing planning is essential for measuring and tracking your progress, and demonstrating value. We’ll cover negotiating KPIs, budgeting, and how to tie your KPIs into the Smart Insights RACE Digital Marketing Framework.
What are digital…
Without setting clear marketing objectives, you’re basically directionless – and working to achieve vanity metrics that don’t necessarily help you achieve your overall business goals
Digital marketing objectives underpin all marketing strategies. After all, how do you know what you're working towards without clear, actionable, and achievable metrics? Setting marketing goals should always be the priority as they will be the basis of your entire strategy.
By achieving your digital marketing objectives, you’re also helping reach your overall business goals, whether that’s boosting your overall sales or improving awareness of your brand.
Setting marketing objectives is, on one hand, a great way to motivate yourself and your team and work towards achieving better results for your business.
On the other hand, objectives and KPI-setting is about much more than just saying “I want to achieve that and that” – it’s how you can develop a plan or strategy that will help support your vision…
Good digital marketing isn't just about creating content, you also need to review your performance to see where it can be improved
How often do you review your marketing performance?
Creating great content for the various channels you use for your marketing campaign, whether they be social networks, your website or blog, or any other channel you’re using to connect with your audience, isn’t really enough to get you results.
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The only way to continue growing and evolving is to constantly improve and optimize your marketing strategies. In order to do this, you need to review your marketing performance, consistently.
Our Content Marketing Learning Path supports members to plan their approach and increase the effectiveness of their content marketing activities with practical skills development and resources to measure and benchmark their success.
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In this blog post, discover why reviewing marketing performance should be at the top of your priority list in 2021.
When…
Read up on our latest pharmaceutical marketing strategy recommendations to optimize your marketing plan and convert more customers over the next 12 months
Take stock heading into 2021 after what has been a challenging year for pharmaceutical marketers, healthcare, medical and high-science marketers, and all who work in the industry. The strategic evaluation and forecasting season that comes with year-end means many of you are scanning, benchmarking, and prioritizing to strengthen your pharmaceutical marketing strategies for the coming year.
When getting ready for 2021, before even looking at your strategy it's essential to revisit your planning framework. So, let's quickly take a whistlestop tour of why the RACE Framework is the key to setting up your pharmaceutical marketing strategy for success.
Using the RACE Framework to plan your pharmaceutical marketing strategy
The RACE Framework is a practical framework to help manage and improve results from your digital marketing. When planning your overall marketing strategies,…
