Organizational Sherlocks, a Business Psychology podcast
Ep. 19: Strategic Marketing Budgets: From Spend to Success
Aug 13, 2024
Sue Ginsburg, an expert from Intrycks, dives into the art of strategic marketing budgeting. She highlights the shift in viewing marketing as a vital investment rather than a mere expense. The discussion covers tailoring budgets to specific audiences, leveraging technology for event engagement, and the crucial importance of follow-ups to boost sales. Ginsburg emphasizes cultivating a data-driven marketing culture for improved ROI and navigating challenges with ethical marketing practices, particularly during uncertain times.
44:27
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Quick takeaways
- Effective marketing budgeting requires a tailored approach that recognizes the distinct needs of online and offline strategies aligned with audience preferences.
- Tracking and analyzing marketing metrics is essential for measuring ROI and facilitating data-driven decisions to adapt strategies for ongoing success.
Deep dives
Understanding Marketing Budgets
A comprehensive approach to marketing budgets includes distinguishing between online and offline components. Online marketing costs usually encompass expenses related to website development, search engine optimization (SEO), paid advertising, social media, and email marketing, while offline spending consists of market research, public relations, and branding. Business owners are encouraged to consider the specifics of their marketing plan and budget, as different businesses will have varying needs. Identifying the right mix of marketing tools that align with defining the target audience’s behaviors and preferences is essential for effective budgeting.
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