How Do You Prioritize Your Marketing Resources?

By Sam Narisi
Publications Editor/Lead Writer
Frost & Sullivan









One of the biggest challenges for marketers is finding the best ways to utilize limited resources. There are a lot of opportunities to engage current and new customers across a variety of channels, adopt new technologies and implement new strategies.

However, while the opportunities are seemingly limitless, companies’ marketing budgets are not. In fact, despite increasing demands on the marketing department, most marketing budgets are expected to stay flat in the near future, according to Frost & Sullivan’s 2014 Marketing Priorities survey.

Among the marketing leaders polled, 57 percent expected their budgets to stay the same or decrease this year. Of those that were expecting an increase, only 10 percent thought it would be significant.

That’s why one quality of successful marketers is that they know how to prioritize.

Gauging the ROI

It’s important to assess the ROI of marketing channels and strategies in order to properly plan, said Misty Hathaway, Chair of Marketing at the Mayo Clinic, in a presentation at the 15th Anniversary MARKETING WORLD 2014: A Frost & Sullivan Executive MindXchange.

Hathaway recommended evaluating tactics by:

• Cost
• How many impressions they return
• How much staff time they require
• The depth of connection they generate
• The quality of that connection
• How easy they are to track

Think long term when estimating the ROI of an available channel. Evaluate the depth of the connection a campaign will create and make sure it will go beyond just a quick hit.

What tactics create the biggest impact for marketers? In a survey conducted by TechValidate on behalf of Frost & Sullivan, respondents listed the techniques that generate the greatest returns on their investment:

• Live events (cited by 53%)
• Webinars (35%)
• Email marketing (31%)
• White papers (22%)
• Social media (7%)

Content Marketing Efforts Increasing

One area where companies are putting a greater priority is content marketing. Among the marketers surveyed by Frost & Sullivan, 55 percent expected an increase in their budgets for content marketing.

Content marketing is becoming critical as customers do more research before they make purchases. Companies need to make sure they have content tailored to specific audience segments.

Content must also be targeted based on which phase of the buying cycle the customer is currently in:

1. Awareness: For this phase, focus on branding, content marketing, public relations, and thought leadership.
2. Consideration: As buyers are considering their options, focus on demand generation, product/solution demos, and sales-to-prospect connections.
3. Credibility: To build trust in your brand, use third-party validation, client case studies, thought leadership, and expert positioning.
4. Evaluation: To solidify the value of the brand, focus on trials and capability demos.

Focus on Your People

Beyond all the available channels, techniques and technology, what’s really critical for the success of companies’ marketing campaigns is the people working in the marketing department.

However, just as with the marketing budgets, companies aren’t likely to see big increases in the size of the marketing team, according to Frost & Sullivan’s priorities survey. The majority of respondents (57 percent) say their staffing levels will stay the same, while only 5 percent expect a substantial increase in headcount.

That makes it all the more important to hire right. You can have the best technology and plenty of money, but without the right talent, you can’t be successful, said Roseann Harrington, Vice President of Marketing, Communication & Community Relations with the Orlando Utilities Commission, during a presentation at MARKETING WORLD 2014.

Harrington offered some recruiting and on-boarding steps companies should take to hire the best marketers available and get the most out of that talent:

• Create a strong, accurate and unique job description.
• Widely promote the opportunity to reach as many candidates as possible.
• During the interview process, simulate the work environment as best as possible to find a good fit.
• When you find the right person, make a competitive, timely offer.
• Have a plan ready to onboard new hires properly.

What Should My Annual Marketing Budget Be?

One question many marketers may have: What size should our budget be?

It's been widely publicized that the average marketing budget for B2B firms is 2 percent of the company’s annual revenue.

Where does your budget stand? While there are plenty of factors that can affect how much should be directed toward marketing initiatives – for example, growing companies may spend more in order to drive brand awareness – that’s a good benchmark to start with. Then, of course, it’s a matter of making sure the resources are put to good use.


About the Author

Sam Narisi is the Publications Editor and Lead Writer for Frost & Sullivan’s Integrated Marketing Solutions Practice. For more information and insight, visit the IMS Knowledge Center and sign up for Frost & Sullivan’s quarterly eBulletins.

About Frost & Sullivan's Integrated Marketing Solutions Practice

Frost & Sullivan's Integrated Marketing Solutions Practice delivers above-market returns for our clients by utilizing a portfolio of over two dozen unique turnkey programs that are strategically designed as end-to-end solutions. Leveraging the third-party credibility of our brand, Frost & Sullivan can generate the awareness and interest around your products and service offerings, connect your sales team with prospects, enhance relationships with current clients and serve as an extension of your existing marketing team. Your goals are our goals.