24 Jul The #1 thing you can do to increase your marketing budget?
A recent Gartner Research CMO study highlighted that the marketers who were increasing their budgets were the ones who demonstrated accountability and assumed more risk.
Notice that this is about the person, not the business. The marketer, not the brand. So, what’s the key to being accountable and assuming more risk? Manage your own P&L. Progressive marketers who insist on managing their own P&L are more likely to be rewarded by increased marketing budget. Not exactly a staggering insight – if you demonstrate fiscal responsibility, you’re more likely to be trusted with more and more money.
When you’re running a P&L, the potential to create profitable revenue streams by inviting relevant, complementary brands to use your owned assets as media vehicles, becomes very appealing. You can create attractive owned media solutions for partners that go beyond merely putting a logo on an eDM or website page. This way, you start self-funding your marketing – no more asking the business for more money.
But, accountability goes beyond being responsible for what you’re spending. Being truly accountable is about taking responsibility for what the business has spent on asset creation. If you can leverage the already sunk investments in websites, stores, data, emails, etc. then you’re being accountable for the business, not just your fiefdom. This can manifest in utilising your assets to better effect for your own marketing communication.
Starting from the inside-out means you can fish-at-your-feet and make the most of what you’ve got. It’s about being accountable for other people’s investments across the business. And that’s what marketing does well, it unifies and connects the business internally, as well as externally. Accountability and assumed risk mean marketers won’t supplicate for budget, it will be earned and commanded.