Show Me The Money - Crafting The Budget For Digital Marketing -
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The document discusses best practices for crafting a digital marketing budget, including: 1) Most marketing budgets are increasingly shifting to digital channels, with 72% of companies increasing their digital budgets in 2011 and digital accounting for about 37% of total budgets. 2) Budgets should find the right balance between digital and offline investments as both channels are still relevant. 3) Marketing managers should take a generalist approach while teams of specialists focus on individual digital platforms, and experience is important for digital specialists. 4) When making digital investments, companies should set benchmarks, identify transactional vs open-ended expenses, and invest in tools that provide measurement of performance and success.
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Show Me The Money - Crafting The Budget For Digital Marketing -
- 1. SHOW ME THE MONEY CRAFTING THE BUDGET FOR DIGITAL MARKETING Brandon Chesnutt : @bchesnutt #OGS11
- 2. No Tom Cruise references. I promise. http://www.flickr.com/photos/xrrr/408985630
- 3. Key themes: [Current budget trends] [Managing human capital] [Making smart digital investments]
- 4. Before we start… A quick marketing exercise. http://www.flickr.com/photos/eole/4350200158
- 5. Think about your current budget.
- 6. What are you spending on your MOST effective marketing channel? What are you spending on your LEAST effective marketing channel?
- 7. If you don’t like the answers, it might be time to start from scratch.
- 8. Marketing budget trends for 2011. http://www.flickr.com/photos/teegardin/5494374837/
- 9. 72% of companies will increase digital marketing budgets in 2011. Econsultancy / SAS Marketing Budgets 2011 Report, Feb. 2011
- 10. About 37% of current budgets are spent on digital. Econsultancy / SAS Marketing Budgets 2011 Report, Feb. 2011
- 11. Mobile spending is on track to increase 124% by the end of 2011. http://www.flickr.com/photos/indi/4243069097 Mobile Marketing Association Survey Results, July 2010
- 12. Contrary to popular belief, offline media is still very relevant. http://www.flickr.com/photos/susanad813/4168134880
- 13. Companies must find the right balance between offline and digital investments. They need each other.
- 14. Create systems designed to help move funds between media types.
- 15. Managing human capital. http://www.flickr.com/photos/mendrakis/5081985675
- 16. Knowing everything about everything can be quite difficult. http://www.flickr.com/photos/winkydo/5401752673
- 17. The Boston Consulting Group, Nov. 2010
- 18. The world’s best marketing plan could be sitting on your shelf. http://www.flickr.com/photos/seeminglee/4556156477
- 19. http://www.flickr.com/photos/mkmabus/3043746314 Marketing managers should act like general practitioners.
- 20. [Provide “preventative care” marketing] [Look at the big picture] [Establish KPIs and outcomes] [Identify opportunities and threats] [Direct internal team / agency efforts]
- 21. http://www.flickr.com/photos/edster951/4666053308 Teams of specialists can own digital platforms.
- 22. [Experience with unique channels] [Own small pieces of a big pie] [Measure against KPIs and track outcomes] [Found in specialized, internal groups or full-service agencies / digital shops]
- 23. Skill Sets of Digital Specialists
- 24. The average salary for a “ Digital Strategist” is $55,000. An agency could be half the price… or twice as much. Statistic provided by Indeed.com, June 6, 2011
- 25. Experience matters. Really.
- 26. Making smart digital investments.
- 27. First: Set the benchmark. http://www.flickr.com/photos/studiocurve/251108056/
- 28. Review channels and identify transactional vs. open-ended expenses.
- 29. Platform Transactional Expenses [Creative] [Software]
- 30. Platform Transactional Expenses [Creative] [Software] Open-ended Expenses [Content] [Analysis]
- 31. Facebook Transactional Expenses [Custom Tabs] [App Development] [API Integration] Open-ended Expenses [Monitoring] [Content] [Insight Analysis]
- 32. Spend on platforms that can accurately track success and performance. http://www.flickr.com/photos/auntiep/17135231
- 33. [Monitoring solutions: $12,000] [Web / search analytics: $5,000] [Social CRM options: $2,000]
- 34. Let’s recap: [Find a balance between digital and offline investments] [Build specialist teams around general practitioners]
- 35. [Set benchmarks for digital investments] [Account for transactional and open-ended expenses] [Invest in tools that provide measurement capabilities]
- 36. THANK YOU! Slideshare.net/brandonchesnutt : www.identitypr.com @identitypr : www.identitypr.com/blog
Editor's Notes
- It’s important to set the tone of any presentation
- Here are the key themes that we will be discussing today. The current state of digital budgets The importance of managing human capital when it comes to digital marketing How to properly invest in digital platforms
- You’ve heard a lot of amazing ideas and over the past 24 hours. Let’s get the blood flowing and the brains working.
- Visualize how much you spent last year and how much you plan to spend this year. Has that number gone up / down or remained as is?
- Don’t carry over ineffective marketing practices, especially when you’re exploring new digital investments.
- Dollars continue to shift to digital properties in 2011. But some of the results may surprise you.
- SAS and Econsultancy put together a report in February of 2011 on how companies plan to allocate online and offline marketing budgets in 2011. More than 500 companies participated. The good news: more than 50% of companies said that their overall marketing budgets were increasing.
- Spending is actually down 7%
- That still puts the total allocated to the channel at just over 4 percent.
- “ Companies are investing in offline marketing channels to complement increased digital investment, with integrated campaigns which – for example – use television and radio advertisements to drive searches and website traffic”
- It’s common for digital platforms to receive the scraps from offline media buys. However, it’s becoming more apparent that budgets sometimes need to shift back to traditional in order to promote digital efforts.
- Determines what you can and cannot do in-house
- There is a big push for marketers to become generalists. Everyone should know social media…. And everything else….
- From Boston Consulting Group’s report “The CMO’s Imperative – Tracking New Digital Realities.” Today’s CMO or marketing manager is presented with an unprecedented amount of communications options. These channels are increasing every day.
- There is also less and less time available. Without proper support, great ideas often fall through the cracks.
- Keep the organization’s health in check Focus on big picture strategy regarding all channels Create marketing metrics that tie to overall business strategy Understand the strength and weaknesses of the organization’s marketing efforts Manage internal teams / agency efforts
- Internal communities vs. mobile ad buys vs. analytics Manage a very specific piece of the marketing strategy and do it well. Measure against metrics selected by marketing managers Can be established internally or be outsourced talent
- What is the minimum your organization can commit to digital?
- Radian6, sysomos SEOmoz, compete Batchbook, nimble