Marketing Budgets 101

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Marketing Budgets 101

One topic that seems to always fascinate marketing executives, and myself, is "how much should my company spend on marketing?"  This of course comes with the implied question, "how can I justify my marketing budget to fellow executives?"

I wrote about this exact topic on the Marketo blog on October 12, 2006, in a post named Benchmarking Marketing Budgets.  Check it out for some useful stats.  Then on January 21, 2007 I wrote a follow-up, How To Sell Your B2B Marketing Budget To Your CFO. Here, I make an important argument: the best way to justify your marketing budget is to think of it as an investment that incurs costs today but delivers benefits for many years.  When we think of the marketing budget as an investment, and not a cost, we not only help convince others that marketing is not a cost center, but we also let the marketing budget to be amortized over the entire “useful life” of the investment.  This in turns allows the company to make more strategic but still rational big bets on marketing.

Read the Marketo ebook Selling your Marketing Budget to your CFO for more on this topic.

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Modern Marketing Defined

I published my first blog post on the Marketo blog on August 8, 2006.  It was titled Modern B2B Marketing Defined, and it spelled out the four reasons that traditional marketing approaches were no longer acceptable:

  1. Customers DON’T want to be interrupted.    
  2. There are no more mass channels.
  3. Marketing can’t get away with not being accountable.

I then spelled out the four principles of modern marketing, as I saw them in 2006:

  1. Attention marketing. Marketing to customers when and how they want to engage. This eventually became a key tenant of inbound marketing.
  2. Community marketing. This eventually became social marketing.
  3. Left brain marketing. The whole idea of using math and science in marketing.   
  4. Accountable marketing. Using metrics to prove -- and improve -- marketing's impact on revenue, and help marketing earn a seat at the revenue table.
Transient

Check out the original article: Modern B2B Marketing Defined.

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