Oftentimes, sections of the marketing teams are functioning in separate bubbles. The advertising team may not know what the content team is doing and the PR team is unaware of what the customer marketing team is up to.
Getting teams to collaborate and find synergies between different channels can save money.
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For example, when the teams focus on paid campaigns and SEO collaboration, they may discover that the website is already ranking organically for an expensive target keyword and there’s no need to bid for it. A holistic paid and organic keyword strategy like this can reduce your ad spend significantly.
Also making sure marketing and sales are aligned allows you to take better advantage of your budget. Sales needs to follow up on leads and marketing should be able to provide quality leads. Both sides should define and agree on what constitutes high-quality leads and create a handoff process so time is spent on nurturing quality leads.
Consider revenue
Regardless of the metrics you’re reporting on—pipeline, website sessions or conversions—in the current economic situation, it’s always best to base your budgeting decisions on the actual revenue that your activities are driving.
For example, an advertiser may think that a 1:3 ROAS ratio is fantastic. But if the company’s cost of goods sold is not considered, the company could still lose money despite the good ROAS.
Similarly, look into your current strategy and determine how to adjust your marketing budget based on what’s moving the needle for actual revenue.
