Maximum effectiveness for your marketing budget
Towards the end of the year is the time to determine how to spend your marketing budget so that it contributes to the organisation’s goals. Here are our three hottest tips for your success:
1. Start on time
Ensuring your year plan matches your organisational goals takes time. So, make sure you start on time. We see some marketing teams start to develop their plans in the summer, because they are so keen to make a flying start in January.
They use the last six months of the year to get buy-in and test their ideas and plans with the colleagues from sales, from the various countries and with management. This provides them with valuable input and creates broad support.
They also spend a lot of time with potential suppliers to enable them to start their activities early on in the new year. They already brief their creative and media agencies, buy media exposure on time so that they can claim the best positions, fill in their social media strategy, finalise their content calendar, book event locations, etc.
Unfortunately, every year we also see fund houses that start late and have great trouble getting the attention of their clients and prospects in the first few months of the new year.
2. Base your plans on research
More and more fund house marketers are making an effort to discover what clients and prospects really want. They consciously spend a part of their time and budget on researching their target audience. From monitoring their behaviour on the internet and their own website to surveying of clients and prospects in panels.
That knowledge enables them to develop relevant content and to share that content via the target audience’s channels of choice. This leads to higher engagement with clients through shares, likes and traffic to the website and to sales colleagues. Regularly delving into the client mindset with different colleagues from different disciplines, based on research insights can be very useful in this regard.
3. Set goals
Goals provide direction to plans and activities. Marketers who distil their goals from the company’s strategy and the targets set by sales and go on to develop marketing activities that contribute to this, create focus for the marketing team.
Examples of marketing goals we have come across are: growth of market share within a certain segment, growth of assets under management in a certain country, increase in the number of
new leads and clients, improving the success ratio of RFPs, building a specific reputation, higher client satisfaction and growth in the number of very satisfied clients or brand ambassadors.
We also see that important operational goals are formulated. Think for example of the goals for newsletters and content that is shared via social media, such as the open rate, CTR, CPC, visits to the web page, dwell time etc.
Impactful marketers start planning on time, create time and budget for research, and set goals that are connected to the ambitions of the organisation. With a flying start in the new year, they make sure that they immediately start on their course of helping to reach those targets.