Design Detergent: Coming clean with our notions and ideas.
Are you being asked to cut your marketing budget? The competition will love that!
Here’s how to hold your ground…
by Jo Singer
Your marketing budget is an easy target for accountants under pressure to improve the bottom line. It’s like turning off a tap—the impact is immediate. Good for cash flow in the short-term, but is it wise?
Whether an organization is big or small, the allocation of financial and human resources requires serious consideration. In putting together a budget for a new financial year, the management team looks at the organization’s current financial situation, agrees upon the vision for the future, and then decides where and how to spend hard-earned cash in order to meet both short- and long-term business goals.
Throughout this process, the following factors are critical to decision-making:
• What’s going on in your industry
• The overall political and economic climate in which you operate
• Emerging technologies and global trends
• Your customers’ current and future needs
• The capabilities of your workforce and their readiness to respond to new opportunities
As a marketer, if you can bring these big-picture, strategic thoughts and perspectives to budget negotiations, you will not only improve the likelihood of getting the resources you need to be successful, you will outsmart the competition in the process.
If you need help with strategic planning, call us. We’re great at this!
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