For some folks, September’s the end of summer and back to the old routine. But for others, they could be feeling a lot of pinches in their wallet even though your marketing spend currently looks stable.
Why does it feel like you’re already counting your bills before you’re getting sales leads?
Here’s a possible explanation: You might actually be looking forward. Try as you might, you can’t feel completely satisfied with what you’ve done to prepare for the upcoming quarter. After all, this year alone saw that 8 out of 10 CMOs increased spending on marketing content. What makes you think some other expense won’t pop up?
It’s like you’re a billionaire dad with a little girl going “Daddy, I want a Perez Hilton doll for Christmas! And a golden teddy bear. And a Disney castle!” As the holidays get closer, the prospect of spending so much on Thanksgiving, Christmas, and New Year’s looks mighty different to the ones footing the bills.
For B2B marketers, it feels the same with market strains coming in just around the same time. Counting how much you’ll end up spending (again) is almost a knee-jerk reaction. This might be a good time to apply a bit of financial know-how to your marketing but here’s the real good news.
You can still make marketing cheaper by counting your sales leads.
More specifically, if you’ve already gauged how many sales leads you’ve produced up till now, you’ll have a better idea on where you can go the next time you put money into marketing. For instance:
Do what you did last year, only better – What did you do last year that required a few extra marketing dollars? What can you do to avoid that this time? If you spent so much trying to connect with a high-value prospect, wouldn’t it be cheaper to just talk on the phone now that they’re your customer?
Identify what you never really needed– Following that, sometimes certain tactics were never necessary to begin with. Why keep spending? If you’ve found out that “soft” factors were more significant than “hard” facts, why spend so much finding out those facts?
Learn when to say, no – There are still several more cost-saving methods you can try to manage your marketing budget in the coming quarter. But if you can’t learn to say no, you’d be incapable of executing any of them. Daddy’s little girl might be better off earning that golden teddy bear on her own instead of counting on you to dote more money on her.
When you count how much your sales leads are worth, you have an easier time understanding the process that gave them that worth. And when that process is understood, you can have a better idea on what made it expensive and how you can avoid incurring any more additional costs. Don’t fret and start counting your bills. Count how much you managed to earn so that you can pay them!