Still there are significant gaps between current and future expected capabilities, the challenge most acute in data collection and analytics, according to multiple surveys.
At the same time, we are entering a recession where typically marketing budgets are first in line to be affected.
How can a CMO deliver on these expectations, where investments are needed?
We propose to create capacity in the budget by using 80/20-rule:
- Try to get the same marketing budget next year.
- Existing ATL/BTL-activities, keep 80% of the best ATL and 80% of the best BTL activities.
This creates a budget for new strategic activities.
- Invest half of the new budget in Automated Marketing Mix Modeling (AMMM) to get data and proof on all your marketing activities.
- Invest the remaining “new” budget in programmatic conversion activities like OEM-retargeting. That focus to increase conversion rates from your already existing visitors. This will maximize short/mid-term results, increase your profitability and you will get detailed metrics from each campaign.
By doing this you will be much more data and analytics driven, and most certain deliver a better result at same budget levels.
How do you plan for new strategic marketing activities next year?