Where To Spend Your Marketing Budget?
With the U.S. economy re-opening following the height of the coronavirus pandemic, what does this mean for marketing? Are companies continuing to hunker down? Or are they getting back to business? This is important to know both as a benchmark and for competitive insight. If your competitors are back to marketing full steam, you don’t want to give them an edge because you’re still sitting on the sidelines.
A strategic brief from the CMO Council, “Getting It Done in 2021,” gives us some critical insight. The survey found that, despite a challenging year in 2020, nearly two-thirds of CMOs increased their marketing spend this year in a strategic way.
According to the CMO Council, marketers are focusing their budgets on the following areas:
CLIENT EXPERIENCE (50%)
Customer journey, acquisition, and conversion
Digital growth strategies
Campaign execution and measurement
MARKETING FUNNEL (32%)
Demand generation and pipeline
Taking action on customer data insights
Want to stay competitive? Do the same! Focus your efforts on understanding your customers. What priorities, needs, and fears are driving their purchase decisions? How do they make those decisions and what types of content (and which channels) do they use along the way? Spending money on your marketing database may not seem as important as getting those direct mail pieces and emails out there, but it just might be the most important investment you make this year.
Need help? Talk to us about using your customer data to show a relevant offer to each unique individual – it’s easier than you might think!
Aradius Group is a commercial printing company that specializes in marketing strategy, specifically with direct mail, based out of Omaha, NE.