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Like it or not, your marketing budget will not get approved based on the number of impressions, clicks, or likes. Your CFO wants to make sure every dollar spent drives revenue.
The One-Hour Marketing Budget e-book guides you through the steps and data you need to make a marketing budget aligned with your business growth goals.
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Pandora | Yelp | HIPPO | DanceFight
With This Book You'll Learn:
How to determine the total budget needed to support your goals and how to split your budget between brand and performance marketing tactics.
The essential data you need to inform your marketing budget. Great News! Your business already has this data.
How much money to set aside for non-media expenses like production, agency fees, research and more.
The key concepts and language you need to ensure your marketing plan works within your company's financial constraints.
How to build an evidence-based marketing plan that builds confidence in your ability to manage large budgets.
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I wrote this book to empower marketers to take control of the marketing budget process. I've seen far too many situations where budgets are dictated to the marketing department from finance or where marketing departments base the budget on the prior year's figures - give or take a few percentage points. Either of these options can leave you in a scenario with a marketing budget that will not meet the organization’s user or revenue goals, as marketing teams may lack the detailed understanding of the organization’s finances and finance teams lack the nuanced understanding of scaling marketing spend. Results the following year are expectedly painful.
There is a more collaborative budgeting process that can reduce this risk and better align marketing spend with your company’s objectives. The 5 step process outlined below gives your marketing and finance teams the ability to collaborate on the budget and present a unified recommendation that increases the likelihood of meeting or beating those monthly targets.
Companies of all sizes pay me upwards of $10,000 to guide them through this process to justify their marketing budgets and make sure they can create a measurable plan that the finance department will approve.
This process quickly aligns budgets and business outcomes.
Slow budgeting processes often mean that funds are already allocated to other initiatives by the time your budget is ready.
Ensure you have enough budget set aside to make great creative assets and reduce the chance of surprise costs later in the year.
I BELIEVE THAT THERE ARE 3 THINGS TO FOCUS ON:
At the end of the day, all business spend is tied to return on investment. By showing you how to view performance through the lense customer acquisition costs (CAC) and lifetime value (LTV), you can become less dependent on marketing attribution and focus on marketing's impact on total business performance.
GOALS
Business goals is #1 because from top to bottom, the company needs to be marhing towards the same objective.
LTV:CAC
Health is #2 because all of the money in the world doesn’t matter if you are too sick to enjoy life.
FINANCES
Finances is #3 because this how most of the world survives. Most challenges stem from money problems.
My guarantee to you is that this process, when implemented, will make a difference in your budgeting conversations and give you confidence your marketing budget is designed to drive the results in your business plan.
These are the same principles I have followed day in and day out for the last 10 years that have enabled me to help companies of all sizes to grow through marketing.
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What is one thing local business owners and marketing leaders at New York’s largest charter school, eCommerce legends like Art.com, hotel giants Wyndham and Starwood, and billion-dollar app companies like Pandora and Yelp all have in common?
They all want to know how to spend money most effectively to grow their business. Author Ben Rose has helped all of these companies (and many more) understand how much money to allocate to marketing and how to spend that money wisely based on their short and long-term growth needs. And while larger budgets may present more options for media buying, the same formulas and principles apply to businesses of any scale.