Making Your B2B Budget Count:
Our Festival of Marketing Masterclass
We were lucky enough to be able to attend Marketing Week’s sold-out event, the Festival of Marketing earlier this month, which saw marketers from all over gather to connect, and exchange knowledge. With a fantastic line-up of top marketing and celebrity speakers, the festival offered a unique opportunity to spark discussions and gain valuable insights, empowering marketers to drive meaningful change and thrive in the forever-evolving marketing landscape.
As well as attending this event, two of our very own experts took to the stage and hosted a masterclass on self-reflection, titled ‘Making your B2B Budget Count’. Emily Crisp, Data & Planning Director and Eloise Todd, Research & Insights Planning Director, aimed to help those who were looking for actionable guidance on how to think big and evaluate their current performance, while operating within reduced budgets. In this blog, we’ll provide a rundown of the masterclass and the insights displayed…
At ReallyB2B, we strive to make our objectives as simple as possible. We land that deal, we win. We don’t, we lose. I’m not sure how many of you reading this will have seen the movie Moneyball, but it’s a baseball movie starring Jonah Hill & Brad Pitt, and the premise of film is that teams can win by thinking differently and using data to make better decisions. This is a lesson that can be applied to many fields, not just baseball.
Imagine being Billy Beane, the Oakland Athletics’ general manager, tasked with creating a competitive baseball team on a tight budget. When the big-budget teams outspend you, you need to get creative. Beane noticed that others were splurging on players with high home-run rates, but he questioned this approach’s effectiveness.
Instead, he adopted a unique statistical method to evaluate players. He identified undervalued talent and built a winning team around them. Beane’s team surpassed expectations, making it to the playoffs, proving that with innovative thinking, data, and insight, you can succeed even with limited resources. This same approach applies to B2B marketing, where budgets may be constrained. To succeed, focus on efficiency, innovation, and a singular goal: landing deals.
In today’s seemingly forever evolving world, the marketing landscape is in a constant state of flux. New trends, algorithms, benchmarks, and consumer behaviours emerge regularly, making it more crucial than ever for marketers to adapt and evolve. One thing remains true amidst this chaos: marketers should never stand still. Recognising the need for change can be challenging, especially when working with limited budgets and resources. However, it’s only through introspection and the courage to question established practices that true innovation can occur. To help you implement this, we will guide you through a three pillars to help you re-evaluate your marketing efforts, sparking innovation, and maximising efficiency.
Pillar 1: Be Inquisitive
Sometimes change can start with a simple idea, other times innovations spark from a willingness to reflect and seek out opportunities. Knowledge is power when it comes to marketing decisions, it is vitally important that you utilise these 3 key principles… Look, Listen and Learn.
Pillar 2: Be Informed
Once you’ve started questioning the current performance and make up of your marketing efforts, the next step is to go and find your answers. You wouldn’t buy a house without understanding your budget, or your requirements, so it’s vital to not make that same mistake when it comes to your marketing decisions.
Pillar 3: Be Brave
Now that you’ve uncovered new insights about your campaign, performance and customers, it’s time to put it into practice. You’ve not gotten to this stage and put in this much work to let your project stagnate in your documents folder. Bravery is a ‘no’ when a ‘yes’ seems like the easier option. Bravery is not appeasing your stakeholders in the short term with plans that will fall behind in the long term.
Now it’s up to you
As we all know by now, the dynamic nature of marketing requires constant adaptation and innovation. By following the steps outlined in this blog, you’ll be well-equipped to maximise your marketing efficiency and drive innovation within your organisation. Remember, curiosity, data-driven decision-making, and the courage to challenge the status quo are the keys to success in the ever-evolving world of marketing. Take action, believe in your strategies, and watch your marketing efforts flourish.
Our tipsheet to support you
To accompany this masterclass, we have created a handy tipsheet which gives more narrative around the points we’ve discussed, that can be reference when you begin this process yourselves. Check it out below…