The 3 things that cannot be missing from a marketing budget for 2023
"The economic uncertainty may tempt companies to cut costs, but adjusting the marketing budget is not a good idea. CEOs and financial executives are prioritizing investment in emerging technologies that allow growth despite economic fluctuations, and agencies must adapt.
According to Jason McNellis, Director of Gartner Marketing Analytics, it is necessary to "quantify the impact of marketing and keep in mind the growth potential of digital investments."
Specifically, there are three points that an agency must present in its budgets so that companies can evaluate the optimization of their resources:
Show data that demonstrates results
The calculations must be precise and easy to understand for investors; value must be given to every dollar invested in advertising and marketing.
Use complex measurements
Evaluate budgets based on multiple metrics, not just ROI, as it cannot represent success in variables such as market share, profitability, or sustainability.
Establish investment triggers
Create a protocol that defines and monitors signals that warn where the money should go to achieve a greater return. These could be a significant loss of voice, a decrease in product perception, or higher costs for newly acquired customers."