As I discussed in my last blog, Mid-Year Review: How are Your Marketing $$ Being Allocated? There are two ways to evaluate your marketing spend. We typically see a disproportionate amount of spend in two areas, segment and audience. I discussed marketing spend by segment in my last blog, now let’s discuss by audience.
When we evaluate marketing leaders spend by audience, we also see a disproportionate amount of spend. We typically see:
70% of the dollars/resources being spent at the user level
20% at the influencer level (director/vice president)
10% at the decision maker level (the person that actually has the purse strings to approve your product/services)
If these numbers look familiar in your marketing department and the company’s not hitting its growth numbers you have to ask yourself, what kind of changes do I need to make? Clearly, all three levels are important. However, some tweaking may need to be done to gain the growth your company needs.
The greatest return on investment for a marketing leader is to focus more of the marketing spend and resources on the retention side of the equation as well as find ways to engage the decision maker level in a meaningful way. The tangible results will be increased growth, retention, loyalty and reference-ability.
With these results, the CEO will gladly give you a true seat at the executive table because you are focused on the business and driving results. Wishing you great success in the 2nd half of the calendar year!