In 2016, our industry continues to rapidly shift from TV-led to digitally led marketing, making it more important than ever for marketers to reimagine their approaches to marketing and take steps to move the industry forward.
To kick off the new year, we’re sharing a page from our Marketing Leadership Playbook week by week, to help set marketers up for success in this digitally led era. This post marks the first of our Marketing Leadership Playbook blog content series “Reimagine (Almost) Everything.”
Our Chairman, Bryan Wiener, opens the Playbook with three effective ways for marketers to modernize their success metrics and benchmarks for budgeting.
Bryan shares how marketers need to rethink budgeting and marketing success metrics. By making substantive and sustainable changes within their own halls, marketers can set their brands up to connect with consumers in meaningful, motivational and monetizable ways.
- Take a New Approach to Budgeting: For organizations slow to adapt new approaches to budgeting, Bryan provides four steps toward budgeting differently in 2016. For instance, he touches on budget allocations and how marketing leaders need to “challenge teams to create channel agnostic budget allocations that will allow for the best chance of hitting organizational goals.”
- Don’t Exclude the Value of “Non-Working” Media Dollars: Bryan encourages marketers to not discount non-working media in the digital age. “The quality of an organization’s insights, ideas and content is a huge factor in whether its message will resonate and gain effective reach, and all of these things are technically ‘non-working’ dollars,” he says.
- Establish New Success Metrics: “Measurement is important, but it mustn’t become the enemy of progress,” says Brian. For better or worse, the success metrics an organization establishes drive behavior. Marketers must ask themselves, “Is the way I’m gauging success right for today?”
To download the full Playbook click here. To read more on how to reimagine success metrics and benchmarks for budgeting, scroll to page 3.