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#27: 2022 Marketing Budgeting & Planning
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On this episode of The Marketing Water Cooler Podcast, Jeremy and Steph discuss where you should invest your marketing budget. Sometimes, CEOs want you to throw your marketing money into buying costly marketing software to analyze the state of the industry and dissect what your clients want and when they’re hanging out online. Jeremy urges you to push against this and instead invest in the fundamentals of your marketing strategy and philosophy.
Jeremy walks you through what marketing actions to take if you have no budget, and the questions you need to ask yourself before you cancel a subscription or trim your current marketing spending. He also gives tips on how to pitch to the executive board to ask for more money, which is great advice for a marketing director looking to justify a big investment purchase.
Send your comments and feedback to Jeremy and Steph to let them know what you thought of the episode, and listen out for new episodes on Tuesday, Wednesdays and Thursdays.
Timestamps
[0:16] Today’s topic: let’s actually talk about money
[1:40] Don’t overspend on tech
[2:45] What do you need the software for?
[4:00] Is software spending really the best way forward?
[4:52] Steph’s question: When should you invest in technology?
[6:30] Aligning your software and your business strategy
[7:42] Have you done the fundamentals yet?
[8:38] Develop your marketing philosophy
[9:10] And what if you have no more budget?
[9:55] Do you have the data you need?
[11:05] Steph’s question: Where’s an easy place to save money?
[12:37] Don’t cut everything that’ll bring you a long-term gain
[13:30] The questions to ask yourself before you make a budget cut
[15:17] Don’t ask for money, tell a story
[18:05] Look out for seasonality
[19:50] It starts out with budget allocation
[20:32] Steph’s take: This is a strategy, not a knee-jerk reaction
[21:20] Technology doesn’t necessarily improve productivity
[22:25] It’s not about going viral, it’s about making real connections
Links
Strategic Branding Studios website
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