…My advice? The most important action you can take to save your department right now is to assume control. Instead of waiting for your CEO to tell you how big the cuts need to be, be proactive. Show that you are a leader who can be counted on in the tough times ahead. Your marketing plan for fourth quarter should include…
… 2. Measurement
You desperately need more data that ties marketing activity to the bottom line. You need to know what to cut and what to increase. In B2B, lead qualification and scoring is now your top priority. In consumer marketing, devise better ways to measure the campaigns and tactics that:
– cost the most overall (e.g., video ads)
– can be done on a shoestring using staff time instead of outside vendors (e.g., word-of-mouth campaigns)
Great advice, Anne. In today’s tightening economy, companies need to adopt a data-driven, metrics-based state of mind when it comes to their marketing. We believe the 80-20 rule can be applied to marketing — 80% of a company’s new business comes from only 20% of its advertising. The problem is that most companies don’t know which 20% that is, so they continue to spend money on many strategies that don’t work.
Back to Anne’s post — she’s right about needing to find better ways to measure campaigns, but she also seems pessimistic about how realistic accurate measurement actually is. So I’m just going to throw this out there — marketing measurement is realistic, and it’s our full-time job at Blue Corona.
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