Budgets aren't sexy, but they are one of the major prerequisites of high-performing marketing organizations.

And the trick to developing a best-in-class marketing budget is, first, to form a new conceptualization of what marketing is; then, to know the correct budget type for your growth stage; and, finally, to understand the power of stretch budgets.

If you can master those three keys, you'll create a best-in-class marketing budget—and be well on your way to marketing success.

1. The best marketing budgets start with new ideas about what Marketing is

It's no surprise that high-performing marketers average 14 marketing tools, double that of underperformers, according to the State of Marketing 2017 report by Salesforce. Moreover, high-performing marketing organizations plan to increase their spending on tools and technology in the coming year, the report also found.

So, those high-performers have not only larger budgets already but also plans to grow those budgets significantly still.

Best-in-class marketing budgets don't just happen; the highest levels of the business support them. We have all tried to ask for more money—only to be told "no." High-performers don't have that issue, because their executives have a better understanding of what it takes to be a high-performing marketing organizing.

In short, they understand marketing and best-in-class marketing budgets aren't what they used to be.

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ABOUT THE AUTHOR
image of Mathew Sweezey

Mathew Sweezey is principal of marketing insights at Salesforce.com, a global leader in CRM software. He is also the author of Marketing Automation for Dummies.

LinkedIn: Mathew Sweezey

Twitter: @msweezey