Leading marketers approach cost optimization/budgeting as an expansive, always-on effort that can have both an immediate and a long-term impact on how marketing delivers against business goals.
To drive cost optimization, follow these five steps:
1. Benchmark to get a baseline. Analyze your environment to identify which resources and initiatives require additional funding or optimization.
2. Identify critical points in the budget to shield. Investigate the potential benefits, risk and time requirement of cost optimization projects.
3. Identify noncritical points to reduce or eliminate. Find aspects of marketing’s costs that can be eliminated or reduced.
4. Determine the cost optimization approach. Explore options that exist for optimization.
5. Communicate plans to stakeholders. Lead the organization through the change by socializing your cost optimization plans and efforts with your leader, peers and team.
Download the research to find room in your budget for marketing innovation.