Executives know that although marketing may not be listed as an asset on the company’s balance sheet, its activities can increase brand awareness and bring immediate value to your sales objectives.
Companies invest in countless assets to increase profitability, from land and machinery, to patents and copyrights; but, when it comes to allocating funds for marketing initiatives, the average business views it as an expense that may or may not produce measurable results. In reality, the way people perceive your brand, products and/or services directly impacts business development and profitable growth.
Itemize and review your current marketing initiatives. Do you have set marketing objectives? Are you able to measure ROI on your current marketing activities? Does your current marketing strategy align with your sales goals? If not, investing in proven marketing solutions can become one of your most powerful assets.
Expenses should be kept to a minimum. Marketing shouldn’t.
When creating an annual budget, it makes sense that you manage expenses to a workable minimum. For instance, you wouldn’t invest in a new machinery unless it increases efficiency or improves your products and services and, in turn, leads to increased revenue.
While marketing may not be as tangible in terms of its relation to revenue, studies have shown that there’s a direct correlation between marketing spend and company growth (CMO.com, 2015). Therefore, if marketing isn’t a priority, you may experience stalled growth or stagnant sales figures. Developing a marketing strategy is a long game, and time and money must be invested in order to see positive results (i.e. increase in revenue). When planning marketing activities, it is important to set specific goals and understand how you will measure your return on investment.
Proving the value of marketing.
Proving the value of marketing can be challenging, but technology has evolved making measuring campaigns’ ROI easier than ever before.
Using a solution like ActiveConversion, allows you to keep track of all your campaigns in a single location while giving you the ability to track a buyer’s journey from the first click to closing the deal. This data can be shared with executives to prove exactly how marketing is contributing to customer acquisition, retention and revenue.
Most people recognize the intrinsic value of brand recognition, but it can be nearly impossible to measure its impact. By measuring the traffic and engagement on your website and advertising campaigns, you will have a greater understanding of how your company is resonating with target audiences.
Think of marketing as a tool to build a bridge between your company and your audience; the stronger the bridge, the more traffic that will flow across it. By investing time and effort into digital marketing activities, you’ll be surprised how quickly you’ll start to see results.
ActiveConversion is home to leading digital marketing and advertising expertise who have helped hundreds of Alberta energy and industrial companies reach their goals. Find out more here: http://activeconversion.com/managed-services/