Justifying Marketing Budget Five Things to Consider

It doesn’t matter how great marketing ideas, strategies you have, unless you are able to justify it to the guys at the top, the "big cheeses".

And that "justification" has become even harder to achieve due to increasing financial pressures, worsening economic situation and ever increasing complexity in the market, which has pushed many industries to focus on short term goals, objectives making it hard for marketing strategists to justify the much needed long term or considerable size marketing investments.

And we all know the bulk of marketing investments are either long term investments or huge investments.

Now considering these facts you definitely need a way to make strong case for any marketing investment. And that's where I come in ;p, don't worry I am going to help you by providing a list of five things that will definitely help you in justifying marketing investment/budget.

Lastly all of these factors are interdependent; therefore you need to focus on all of them while making the case.

Now let's get to it!

Marketing Budget Five Things to Consider

Document and link Marketing Investments with Performance

You have to make your marketing budget clearly linked with performance. Means your budget should show clear measurable results. In other words you need provide solid means to calculate ROI on each penny.

And you are not only required to justify it verbally but also on paper. Create logical and reasonable relations between different aspects/parts of investment with outcomes that it will achieve. 

Remember, be very cautious in justifying it, keep the balance. Means never under justify or over justify because in the end you will have to answer. 

Like for instance if a certain amount of investment will increase brand worth then be sure that it will (use facts & figures), likewise if a certain amount will enhance customer satisfaction or customer experience make sure it will, again use facts and figures to support your position.

Provide Competitors related Facts & Figures

If what are you are proposing to invest in, to allot budget for is something that has been done by your competitors, make sure that you point out that too, to make your case stronger. If competitors are reaping the benefits of a particular marketing investments why can’t you (your organization) again use facts and figures.

Similarly other general facts and figures that can make your case more strong shouldn't be neglected either.

Remember, be extremely careful in providing the facts and figures, try to connect all the dots with reason, facts, solid assessments.

Take Full Responsibility

This would help them to give you the much needed space and support (financial/non financial), taking full responsibility helps you to earn their support and trust.

Big Endorsements

Endorsing your marketing investment proposal from marketing buffs (in your department, outsiders etc) can not only add more credibility to your marketing budget/investment but can also help you in earning the much needed trust and support.

Stand by it with Confidence

Confidence not only helps you to get the vital support but it can also boost up the will of your colleagues/peers to go for it, to support you all the way.
  

That's all, over to you guys!

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