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Marketing Budget

Marketing Spend

Marketing Spend, Budgeting and Forecasting Report

By | Marketing Budget, Measurement | No Comments

Marketing Spend

Marketing spend is a big deal.

How marketers approach forecasting and budgeting, marketing spend and performance, including return on investment (ROI), benchmarking, and specific Key Performance Indicators (KPIs) and metrics.

In order to win, marketers need to own the forecast and budget, and set a variety of benchmarks, continually analysing, adjusting, improving and investing.

Despite the efficiency and flexibility offered by forecasting marketing spend – and, increasingly, ‘zero-based budgeting’ – there is still a large gap between those that forecast properly and those that are just being handed budget to spend.

 

The report (in association with London Research) contains recommendations for businesses seeking to improve their marketing budgeting and spend, and looks at

  • Forecasting and allocation,
  • Evaluation and allocation,
  • Performance and ROI,
  • Benchmarking and attribution
  • Recommendations.

 

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If you’re interested in better understanding your Benchmarks, KPIs and how to better forecast then get in touch.

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Burning media cash to acquire customers

By | Audience, Data, Marketing Budget, Measurement | No Comments

crank_marketing_budgetsReaching the right audience and acquiring customers is getting harder, burning cash isn’t the answer.

Reaching the right audience to increase conversion or engagement is getting harder and it seems many of us are burning cash just to drive traffic and report vanity metrics.

We recently undertook research into marketing forecasts and budgets (soon to be published).
What we’re seeing is almost a third of respondents revisit spend just once a year or less and more than 50% no more than twice a year.

source: wearecrank.com

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when to use funnels

WTF What the fu. . .nnel and when to use funnels

By | Audience, Ecommerce, Marketing Budget, Measurement, Prioritization | No Comments

When to use funnels

We all seem to be obsessed with funnels talking about them and using them to make big decisions within our business. But when should we use a funnel? They have a role to understand where a business is trending; however they are useless at understanding what needs to be fixed.

At Crank we create funnels to build out a profile of business health, but we don’t just rely on the funnel to provide the answers.

As a for instance let’s take time, we like to look at ‘like for like’ time periods.

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3 Reasons why you should measure effectiveness and Non-working marketing spend

By | Ecommerce, Marketing Budget | No Comments
Percolate posted a great infographic which looked at what they called ‘Working’ vs ‘Non-working’ spend in marketing. Working spend is the amount spent on distribution of messaging/content across different channels, the more we spend here the more people we reach. Yeah obvious I know. Non-working spend though, is all the other costs associated with producing the messaging/content and how you measure effectiveness, and is more likely rarely measured or considered.

So a clear objective should be to increase Working spend and reduce Non-working spend, but I wonder really how many marketers even look at this, procurement will for sure, but their role is often in at the front of hiring an agency or technology and then move on to other departments and how many mid market companies have a procurement person?

Non working expenses make up 40% of the average advertising budget and 20% of the average marketing budget. That’s some gap. And Non working spend is on the increase…which affects Working which results in less effective messaging right?
Do you know what your Non working marketing/advertising budget is?

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Prioritising and to-do-lists

By | Ecommerce, Marketing Budget, Prioritization, to-do-lists | No Comments
Prioritising your digital marketing and ecommerce to-do-lists, not just for you, but for your team are a must. I came across this post the other day on Linkedin, where Richard Branson of Virgin was talking about the culture of to-do-lists at Virgin and said

I can confidently state that our culture of notes and thoughtful to-do-lists has made Virgin what it is today.

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