As the fear of the stock market crash slowly recedes into memory, the shackles constraining marketing budgets begin to uncoil. Marketing executives with newfound budgetary freedoms must now decide how to strategically allocate precious dollars. How are they doing so?
Jack Loechner of MediaPost analyzes a recent Forbes Insights report addressing this topic in his article, Marketing Budgets and Accountability Increasing. While three-quarters of marketing executives expected their budgets to stay the same or increase in 2010-2011, the most important attribute in their marketing strategy varied by total budget. Fifty-eight percent of marketers with a budget less than $1 million identified tools and measurements for ROI as most important. In contrast, marketers with budgets exceeding $1 million cited an overarching “big idea” as most necessary.
In addition, the Forbes’ study uncovered a host of marketing insights, highlighted by the following:
* Responding to what drives the development of marketing measurement and accountability programs, 65% of marketing executives cited a desire to make their programs more strategic, while 40% sought to justify spend to senior executives.
* The percentage of respondents who believe the CMO is ultimately accountable for marketing effectiveness grows from 55% to 71% once their budget exceeds $1 million.
* Used by 59% of marketing executives, “lift” in sales volume was the most popular metric of marketing success, exceeding cost-per-acquisition (42%) and brand awareness (41%).
@NeilAndrewJames
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