It’s that time of year again: 2015 planning and budget allocation. Tempted to run in the opposite direction of all the requests coming your way? We hear it all too often: more trade shows to exhibit at, more publications to advertise in, more sponsorships to support, more market segments to go after, more products to promote, more, more, more!
If your marketing budget isn’t growing at the pace of new opportunities, it’s time to refocus. Just because there are more opportunities doesn’t mean they’re the right opportunities.
Take a step back and identify where your biggest profit potential is in terms of products and markets. Appropriate marketing dollars and time should be focused here, with the goal of seeing the most return on your investment.
Not sure where to start? Here are a few pointers:
- Think about your market segments in terms of strategic fit, accessibility, size and margins, and needed investment. Focus on the top few that are easiest to reach and offer the most potential.
- Take a closer look at your media plan by reviewing BPA statements and making sure that the majority of each publication’s readership includes the types of decision-makers you need to be in front of. And don’t rely solely on print — look for the more targeted digital opportunities like e-newsletters and webinars.
- Invest the most corporate effort (targeted direct marketing campaigns, etc.) where the most profit potential is, and then provide more training for your sales channel to go after secondary opportunities.
Of course, I understand it’s also not smart to put all your eggs in one basket, but reevaluating opportunities with a more focused eye will hopefully help you find the right balance — and the increased ROI you’re looking for.