Quick Tips To Help With Your Budget Bid
How can you get the marketing budget you want? This Snackable gives you 9 quick tips.
Scrutiny over marketing budgets is common. Challenges from above will happen. So here are some tips to help with your budget negotiations.
1. Build your business case by aligning budget to your business and marketing goals
When discussing your budget requirements, it must have a purpose. You are spending money – the company’s money – so be clear why you re doing so. This clarity must centre on the achievement of your key goals. If your budget is not aligned to goals – it will not be approved.
2. Start With The End In Mind
Be clear what your desired outcomes are. Communicate this. Make sure your stakeholders can see your thinking process and what you want to achieve for the business.
3. Build Relationships Internally
Who do you need to get buy in from for your budget requirements? These are the people you need to build relationships with. Demonstrate your credibility, talk to these people, ask them questions. Relationship build trust. Trust helps get that budget.
4. Tell the story
When discussing your budget needs, paint a picture using data and insight. This is vital to demonstrate that there is that purpose of the spend.
5. Show lead and lag metrics
Show the metrics you will use to measure the effectiveness of what you are doing. But include those lead metrics as well as the lag ones – so you can demonstrate agility in adjusting tactics if things don’t go quite to plan.
6. New v Repeat Business
Be clear how your budget is influencing that sales funnel. Are you trying to attract new customers or get more business from existing contacts. Be clear.
7. Accept Failures
Sometimes things don’t go to plan. Accept this. But make sure you adapt and keep those stakeholders in the loop.
8. Appreciate the world has changed
Your stakeholders won’t accept doing “what we did last year” and having the same budget split. Use the data and insights you must demonstrate that your budget and activities are moving with the market.
9. Move to an investment mentality
Don’t say costs, say investment. Your budget is there to build long term brand health and longer term profits. It is not a cost centre!