Make the Most of Your Existing Marketing Budget

Posted by Patrick Kilgore on 7/26/16 3:04 PM

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More money seems like the answer to so many problems, but at a lot of businesses, you know it just isn’t going to happen. The budget is what it is. With some savvy, technological acumen, and the right approach though, you can make the budget you have go further.

You’ve done the exercise before. You probably have an answer at the ready:

If only you had a bigger marketing budget, then you could ________.

What goes in the blank?

What Could You Do with 27% More?

We didn’t pluck that number out of thin air, that’s the amount of marketing budget businesses have managed to open up with the help of Hive9.

With better marketing planning and a more data-driven approach, you can gain the knowledge you need to put more of your budget toward what works and cut costs in the areas that aren’t paying off.

How does it work?

Start to See Your Pipeline Clearly

Marketing measurement has made great strides in recent years. You have more data than ever before, but it lives in individual data silos. You’re able to report on the gains you’ve made within each of your applications, but when it comes to comparing data sets side by side spreadsheets rear their ugly head. And with them come all of the version control, latency, and inaccuracy issues that stem from files being passed around and manipulated by various individuals.

If you want the means to make those connections and see the whole pipeline – as long and complicated as it often is for B2B companies – you need an orchestration layer in your martech stack to break down silos and provide a single strategic viewpoint. 

Once you can visualize your marketing data well enough to pull actionable insights from it, you’ll be able to determine:

  • Which marketing activities are leading customers successfully through the pipeline
  • The order of marketing messages that most consistently leads to success
  • How different categories of customer (sorted by factors like persona, geographic region, industry, and business size) respond differently to marketing activities

In other words, you’ll actually gain a clear picture of what’s working and how to make it work better. And you’ll be able to minimize your spending by cutting out expenses that aren’t directly contributing to your business goals.

Finally Understand (and Demonstrate) Your ROI

Just as importantly, you can start to tie all that information back to revenue.  You can track which specific marketing activities contributed to an eventual sale across multiple attribution points. The SEO efforts that brought a customer to the website for the first time can get some credit, as can the display ad that brought them back a second time. And so on through the whole pipeline.

You can use data to refine your revenue attribution model over time so you can gain a clearer picture of which marketing campaigns and activities are most consistently bringing in money. The big picture is complicated, but the right technology can help you bring the many confusing pieces into one place where you can make sense of it all.

This, in turn, allows for better marketing planning. You’ll get more of your budget back in savings when you can bring clear evidence to your CEO of how well your marketing campaigns are working – in the language they understand best. You may even get approval for a bigger budget down the line.

Before you can get all of that though, you have to get started. A quick demo can show you what Hive9 has to offer so you can decide if you’re ready to get 27% of your budget back.  We’re ready when you are.

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Topics: Hive9

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