Top 3 Budget Problems Marketers are Going to Face in 2016

Posted by Terraboost on 07-Mar-2016 00:00:00

1. Demand for better accountability from CEO’s and CFO’s

Business leaders are going to be expected to show the exact ROI for every penny they spend. While the digital age has brought us many tools that make tracking marketing ROI more efficient, it’s still the most difficult business function to measure. This means that you’re going to encounter more scrutiny over your budget decisions than your colleagues in Operations or Human Resources. You can help ease the pressure from the bosses by putting your budget toward media and messaging that has trusted data behind it from reputable research organizations like Nielsen. This gives you all the ammunition you need to justify your marketing decisions.

2. Spreading your budget across a constantly expanding mix of channels

Gone are the days when media just consisted of TV, radio, print, and outdoor. Now those mediums have split into an infinite number of sub-categories like streaming services, niche cable channels, and online publishers. Outdoor media in particular has made it possible to place ads on anything with a reasonably flat surface. All of this is going to cause your marketing budget to continuously become more itemized and segmented. So many marketers follow the hype and put money into Snapchat because everyone tells you it’s the next big thing, and that’s what gets them into trouble. Don’t try to be in every channel, focus on the ones that are most relevant to your specific business goals.

3. The complexity of consumer markets

Consumers are going to continue to identify themselves with smaller “tribes” which means that crafting broad messages for a generation, like Millennials, is going to become less and less effective. You are going to have to divide your message to speak to very specific sub-groups, like Millennial moms who work full-time and regularly shop at Bed Bath & Beyond. Crafting these highly personalized marketing messages can get expensive which is why many brands have yet to do it. This is where context becomes key. You need a crystal clear understanding of who your ideal consumer is and what their behaviors tell you about them. Find micro moments where they will be most receptive to your message and put your budget there.

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