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.