Marketing expenses fall into two categories – working and non-working marketing spend. As marketers develop campaign budgets, they take into account the anticipated working spend required — i.e. the money they expect to spend on ad placements, social media posts, promotional materials, a defined number of hours for agency support, and more. What they often don’t consider is the non-working spend — the money they will spend on additional agency costs, procuring assets, the amount of time and effort internal resources will spend on developing content, managing reviews, and more.
It’s an all-too-familiar scenario for today’s marketers – going over budget due to expenses they never anticipated. For example, you may budget 20 hours of agency support to launch a campaign, but end up requiring 50 hours because of miscommunication, longer review cycles, changing content or requirements, or internal disagreements. Your staff may spend time developing new content and graphics, only to find they are non-brand compliant; back to the drawing board. You may plan to leverage graphics and images the company has already created or purchased, only to find that they are lost or you no longer have rights to those assets. Your staff may spend so much time in meetings, managing reviews, tracking down assets, and re-creating content that they don’t have time to develop fresh and innovative ideas.
All of these scenarios result in lower productivity, longer cycle times, additional investments and higher costs.
Take back control of your marketing operations
To drive marketing ROI, CMOs need to maximize working spend and minimize non-working spend. Doing this requires control over budgets, people, data and content, the four cornerstones for a stable and strong marketing department I discussed in my last blog post in this series.
With a marketing operations platform, marketers gain back control of budget, people, data, and content to achieve better marketing results with greater insight, oversight, and management of all aspects of marketing. On average, those marketers that use a marketing operations solution accelerate the rate of approvals by 73%, increase speed to market by 30%, and increase productivity by 18%.[i]
What does control look like?
A marketing department with control of the four cornerstones works smarter not harder so it can:
- Create, route, and approve strategic projects through intelligent workflows
- Collaboratively review and approve content and assets to drive quality and consistency
- Ensure the right person is working on the right project at the right time, that individuals are meeting required deadlines, and that resources are allocated work appropriately
- Store, share, and manage content and assets in a central library to ensure brand compliance and adherence to contracts
- Easily re-use and re-purpose content across global campaigns, to ensure global consistency, increase efficiency, and lower content recreation costs
- Control the flow of content, leads, and funds to easily distribute and manage local marketing while maintaining control and visibility at all levels
- Measure the performance of individual marketing activities to identify best practices and make adjustments to increase ROI of future marketing efforts
Learn more about how you can optimize your marketing operations to turn non-working marketing spend into working marketing spend. Watch our recently recorded webinar – Mind the Gap: Making Marketing More Productive and register for our upcoming webinar Mind the Gap: Organizational Disruption: The Key to Optimizing Operational Efficiencies.
Past blogs in the Mind the Gap Series: