Face Marketing Budget Challenges With Cost Optimization Tools
What marketing spend patterns tell us about marketing budgetary pressures in 2017
The budgetary challenges that marketing leaders face and their cost optimization options
How to balance short-term cost optimization initiatives, delivering immediate results, alongside longer-term programs
Marketing budgets have risen for three consecutive years, but marketing spending has gone through a major evolutionary shift, with technology, innovation, customer experience and digital commerce sitting alongside traditional areas of marketing spend. Often this means marketing leaders are being asked to do significantly more with only incremental increases in budget. And budget growth cannot continue indefinitely a period of stabilization looks likely.
Even with the shift in marketing's accountabilities, the perception that marketing costs are variable persists. This makes marketing a soft target for organizational cost optimization initiatives. Marketing leaders must always be armed with strategies and contingency plans that enable them to optimize costs and adjust to new initiatives while still delivering business goals.