The DataHero Blog

The Modern Marketer’s Guide to Building a Budget That Works

April 9th, 2015

Marketing budgets

In a recently published article from Econsultancy, 77% of businesses say they will be increasing spending in digital marketing.  DataHero believes that this recent news creates a colossal need to understand how that increased budget is performing.  Questions asked like, which programs are driving the most traffic, qualified leads, closed deals and revenue will not only be a nice to have but a must for the department.  So what are the successful companies already doing?  They are using data-informed decision-making (DIDM).  DIDM refers to the collection and analysis of data to guide decisions that improve success.  Simply put, the days of leaving the math and analytics to someone else is, well, long gone.   Marketers have to step up to the plate.

Stepping up to the plate means staying on the leading edge of digital marketing. Studies show however, they are slow to understand that right tools to help steer the marketing department in the right direction.  Recently, Econsultancy and Oracle teamed up to publish a report on Marketing Budgets 2015 and found that some of the biggest barriers to marketers implementing more digital programs are: lack of staff, lack of understanding in digital, and an inability to measure ROI. Let’s dive into each of these areas.

Lack of Staff, No Worries

Work Smarter, Not Harder

Today’s workers today are more productive than ever, which means we’ve grown accustomed to driving better results with less time and staff. Measuring digital marketing is no exception and with constant developments in areas like marketing automation, cloud storage and user-friendly data analytics, we are asked to get more done with less time and fewer employees. In the end, lack of staff shouldn’t be a main concern in increasing your digital marketing budget.  Instead, focus on evaluating the right tools for the departmental needs, that drive success. Need some help figuring out the best tools? Check out our guide on marketers’ most-loved tools here.

Lack of Understanding

Find Tools You’ll Actually Want To Use

Another main barrier is that an astounding 24% of marketers reported a lack of understanding in new digital program implementation. This is up from 18% in 2014.  Before implementing any new digital programs, discuss what success looks like and set the appropriate goals as well as how to measure these goals. Then seek out the appropriate tools to help achieve this.

A common goal is to make sure each department familiarizes themselves with business intelligence tools.  Self-service business intelligence is an emerging market that addresses this need for a user-friendly analytics tool that anyone, including non-technical employees, can use. Use a Cloud bi tool and start measuring the real impact new digital marketing programs have the bottom line.

Lack of Reporting ROI

Build Your Case With Data

A quarter of marketers surveyed in 2015 reported an inability to report ROI on digital marketing programs. While, some of these fields are still new, this doesn’t mean there is a need for a whole new way to measure ROI.  Simply pull in the right data.  Unsure of what the right data is? Check out this blog post.

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Measuring ROI is a constant concern for even the experts.  Rely on the data to support marketing decisions and demonstrate exactly how well a department is performing. A large part of this tracking is data management.

Data Simplification

While 59% of marketers anticipate increasing their budget for data management, this doesn’t mean going through the IT team to get the answers you need out of your marketing data. Self-service cloud BI tools, like DataHero, connect directly to your marketing services you already have, and creates suggested charts based on the patterns in your specific data. After you have the charts the tool  enables you to share these charts with members of the team through dashboards or by simply sending them a link.

Bottom line?  Data-informed decision-making is on a rise.  Challenges found and barriers to marketers implementing more digital programs are real and out there.  Why not find the right tools to measure new programs and budget, and ultimately make life easier?

 

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By Kelli Simpson

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