April 17, 2015

How to effectively justify marketing spends to senior management

April 17, 2015

How to effectively justify marketing spends to senior management

Stump the Strategist, Marketing Strategy

Stump The Strategist

Watch below as we answer:

Q: I am the marketing manager for a small building and construction company. Senior management is always asking me to justify my marketing spends. How can I do this effectively?

  • Featured strategists are: 

    Ashton Bishop - Head of Strategy, Step Change Marketing

    Jeff Cooper - Senior Partner, Step Change Marketing

    Tiffany Jones - Founder and CEO, Momentum Advisory Group

  • About Stump The Strategist:

    • Questions from the floor, answered live in nine minutes
    • It's opinion, not advice
    • Step Change charges clients for advice, Stump The Strategist is free

A:

  • Marketing is about leveraging sales effectively. This means establishing risk. Identify management's appetite for risk and go from there

  • To justify this risk try using the three Ds – Data, Demonstration and Demand. Use your data to establish whether you are creating more or less pain by following your marketing strategy. Then demonstrate – who is doing it better, worse or different to you. And finally, have you created demand for the marketing spend? If so, how much?

  • Break your marketing calendar up so that it can be determined by what can and what can't be measured

  • In particular, measure your return on objective. Unless you specify the exact objective, you're never going to know if your marketing is effective to that objective or not

  • Consider walking management through the marketing tactics, giving each a score out of 10 for aspects like brand fit, cost, strategy, reach and frequency. This will help management understand what each tactic contributes to the business

  • People often look at marketing spend as a loss. Get management to stop thinking about it as a cost, and start thinking about it as an opportunity to grow

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