#197: Strategy | How to Build a Marketing Plan and Get It Approved for 2025 with Rowan Tonkin, CMO at Planful
Nov 28, 2024
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Rowan Tonkin, CMO at Planful and expert in marketing planning, shares invaluable insights on building a successful marketing strategy. He discusses the importance of aligning your marketing plan with business objectives and gaining buy-in from executives. Rowan emphasizes the need for creativity within structured teams and reframes marketing as a revenue-generating investment. He also dives into the significance of collaborating with finance teams and adapting strategies based on evolving economic conditions, all aimed at driving measurable results.
Building a comprehensive marketing plan requires aligning marketing goals with business objectives to influence budget discussions effectively.
Cultivating a collaborative relationship with finance teams is essential for marketers to navigate the budgeting process and demonstrate value.
Frame marketing initiatives as strategic investments rather than costs to enhance stakeholder receptiveness and improve chances of budget approval.
Deep dives
Importance of Marketing Planning
Creating a robust marketing plan is essential for any marketing leader as it sets a framework for the entire year. This process involves more than just outlining a budget; it requires understanding how marketing goals align with company objectives. The need for a comprehensive plan becomes especially apparent during annual budget discussions, where foresight can influence resource allocation. Failing to secure the necessary budget early can impact marketing success throughout the year, limiting opportunities for growth and innovation.
Building Relationships with Finance Teams
Marketers often perceive finance teams as adversarial; however, building a collaborative relationship is crucial for effective marketing planning. Understanding the financial metrics and expectations of finance teams can demystify the budgeting process and create alignment. These teams are primarily focused on ensuring the business remains sustainable, which aligns with ensuring marketing budgets are spent efficiently. By learning their language and demonstrating how marketing initiatives contribute to financial outcomes, marketers can foster a more productive dialogue.
Identifying Key Business Metrics
Every marketing plan should be anchored around key business metrics relevant to both the marketing and finance teams. This includes operational metrics such as conversion rates and customer acquisition costs, as well as commercial metrics like Revenue and ARR (Annual Recurring Revenue). Recognizing the importance of these financial metrics enables marketers to present their strategies in a way that speaks to their impact on the organization's bottom line. Tailoring communication around these specific metrics can significantly improve the chances of gaining executive approval for marketing investments.
Using Assumptions and Guardrails
When formulating a marketing budget, it is important to start with realistic assumptions driven by historical data and market trends. Establishing guardrails can help marketers stay within financial constraints while still pursuing ambitious goals. Communicating the implications of these assumptions to finance teams ensures transparency and clarity when discussing budget requests. This understanding allows for more successful negotiations and can help predict possible changes in marketing strategy due to external economic factors.
Transformative Communication Strategies
Transforming how marketers discuss their contributions can alter perceptions within the organization, shifting the conversation from costs to investments in growth. Presenting marketing activity as a strategic investment rather than an expenses can change how finance perceives marketing efforts, making them more receptive to budget requests. Language plays a significant role; for instance, referring to marketing spending as 'investment' can impact how stakeholders internalize financial discussions. Ultimately, this approach echoes a broader strategy of aligning marketing initiatives directly with company goals to drive value.
In today's challenging business landscape, marketers face the daunting task of not only crafting an efficient marketing plan, but implementing it quickly, proving its value, and continuously adapting the plan on the fly. The ever-changing macroeconomic environment adds an extra layer of complexity, making success even harder to achieve.
In this episode, Rowan Tonkin, CMO at Planful, and Dave Gerhardt, Founder of Exit Five, lead you through the essential steps to building your plan, getting it approved, and unlocking the full potential of your marketing efforts.
They cover:
Tips to build a powerful marketing plan that aligns with your business objectives.
Strategies to gain plan approval from executives and board members
Best practices and practical approaches to flawlessly execute your marketing plan, turning ideas into measurable results.
Insights into the advantages of scenario planning and how it can prepare your marketing team to adapt to the ever-changing economic landscape.
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Thanks to my friends at hatch.fm for producing this episode and handling all of the Exit Five podcast production.
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