Prove the value of your B2B marketing to the board
It can be difficult enough to secure marketing budget – even when things are good. Given the year we’ve had and the imminent tightening of purse strings, things could get even harder for marketers. Thankfully though, there’s a glimmer of hope.
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Businesses will typically allocate budget to departments and functions they know will generate returns and growth as a result of the investment. So, all you need to do is prove your worth to the board and you’re quids in. We know this is easier said than done, so we’ve put together a few hints and tips to help you along the way.
Embrace executive dashboards
Like finance and sales executives, marketing leaders must construct executive dashboards that use a balance of reporting metrics to tie activity results to business outcomes. Additionally, all results must be distilled down to one key number – ROI. It’ s difficult to cut budgets for a team that can prove they are generating income for the business.
Businesses will typically allocate budget to departments and functions they know will generate returns and growth as a result of the investment. So, all you need to do is prove your worth to the board and you’re quids in. We know this is easier said than done, so we’ve put together a few hints and tips to help you along the way.
Know your internal audience
Using a range of metrics. Marketers can create custom reporting dashboards for each executive stakeholder, that shows the most important matter to each specific audience member. For example, CEOs will want to know details about customer retention rates, customer loyalty and brand recognition. The Head of Sales, in contrast, will want metrics that communicate pipeline health, the number of active programmes and the total number of generated leads and opportunities.
Be clear about what you bring to the business
Before a board-level meeting, ensure you have a list of the key takeaways you want each stakeholder to have at the end and build around it. Keep it straightforward and to the point but be prepared to get more in-depth if people ask questions. The important goal here is not to get lost in group discussions, but instead provide high-impact headlines and results that are easy for all stakeholders to understand – and appreciate.
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At Really B2B, we are experts in helping businesses grow by planning, creating and implementing fully accountable B2B marketing strategies that deliver return on investment. So, to read more tips on how to secure maximum budget for your marketing team in 2021, download our latest content now…