You have just spent the better half of the fall season researching, reading, analyzing, and compiling your marketing budget to present to your boss (CEO,CFO,COO, VP of Marketing, board, etc). So, how do you ensure that your plan of action to grow the company in the new year will get approved? These 3 tips will help ensure that you say all the magic words to get the approval you are looking for.
1. Cost Per Lead: Every executive cares about one thing: the money. If it's going toward new lead acquisition, at what cost are the qualified leads coming back in at? Over the years the ways to acquire prospects for the sales team pipeline has shifted. With the digital revolution, costs per leads have been significantly impacted in a positive way. What used to cost you $500 to get a new foot in the door, today can cost you as little as .07 cents. Your plan should outline how you will increase the number of qualified leads your sales team will touch, yet decrease the actual overall cost that the company needs to invest to get the return desired.
2. Growth Opportunity: This detail will piggy back off the cost per lead segment. Given that you have just shown that executive team that you plan to have X amount of leads per month in new prospects, you have to tie a dollar figure to that lead. If your companies average value for a client is $10,000/year. You want to show that by growing the new leads by 5% each month that will translate to X amount of net new revenue to the company per year. This is an important detail to point out as often times we look at marketing as a cost, vs an investment in the companies future. It is your job to ensure you are showing value throughout every phase, as that is how the company will grow.
3. ROI (Return on Investment): Bottom line again: Money. Where it is going and what are we doing with it. Whatever is going out, needs to come back in 2x, 5x, 10x, and if it's not, then things needs to change. Whatever your executive's team growth rate is, it's the job of the marketing team to back into that number and execute a plan so the goals can be achieved! Showing what each phase of your marketing strategy and budget will deliver from an ROI stand point is sure to get the attention of your boss, as well as bring vision to how the company will achieve overall success.
BONUS: Unifies Sales and Marketing departments: This is an important point to mention as for some reason these departments don't always play nice with each other; yet the success of the company is greater when there is a harmonious relationship. So, how do you make sure the relationship with your sales team remains solid? QUALIFIED LEADS! That's right, warm leads, qualified leads, leads that the sales team can close easily. Every rep would love you to throw them a bone when it comes to the outbound efforts they tirelessly do day in and day out. Inbound marketing is amazing because it offers the marketing department a chance on a monthly basis to turn over warm leads to a rep. You show a way to make everyone play nice in the sandbox, you most assuredly will get a green light for your plan of action.
If you outlined how your plan will address these needs then you will have no problem getting the stamp of approval from your team to go forth and make the strategy a reality. Not only will your executive team thank you from a process stand point (think: rainbows, unicorns, and hearts all day in the office because sales and marketing have finally joined forces), but given all the new revenue you will be bringing the company, your next budget approval meeting should be for that raise you rightly deserve. Need specific help on how to get a marketing budget approved? CLICK HERE
