Marketing Minuet

New rules for creating your marketing budget

Posted in Marketing Minuet, Marketing Strategies on December 20th, 2011 by john – 2 Comments

This time of year finds many marketers pouring over their budgets for the coming year, trying to figure out how to stretch precious dollars as far as possible while trying to keep the finance and marketing folks happy (which is nearly impossible to do).

I think we need to step back and rethink how we approach budgeting for marketing and establish some new rules. I submit for your consideration the new BUDGETS rules:

Blow it up. How many times have you started your budget-planning process by copying last year’s budget and pasting it into a new spreadsheet? From now on, start fresh. Don’t include things in this year’s budget simply because they were in last year’s budget. How can you expect to improve results if you always start with a copy of the previous plan?

Understand your profitability. This is how you make finance happy. Not all sales are created equal. Some of your products and services are more profitable than others. Talk to your finance team and determine where your profits really come from and build a budget based on growing that part of the business.

Don’t start with a number. When you start budgeting with a total number in mind, you box yourself in and put roadblocks between you and innovative tactics. Instead of starting with an overall figure, start with objectives and goals. Let them drive the budgeting process instead of a magic number that is probably just based on last year’s budget.

Goals are about more than measuring sales. There should be two sets of goals in your mind: marketing goals and communications goals. Marketing goals are most often related to revenues and profits. We want to increase sales by x% over the next 12 months. Communications goals are tied to your market position and branding. They detail what you want people to think about your company or products. They are less tangible than marketing goals, but just as important.

Educated guesses are OK. Setting budgets can be stressful because it feels like we are locking ourselves in for a long period of time. We almost never have all the information we need to make the best decisions. Let’s come to terms with that and realize that we don’t need all the answers. Sometimes we need to just look at the information in front of us and make an educated guess (emphasis on the educated part). The best budgets are never set in stone, but are flexible. If your best guess turns out to be wrong, you can always revise the budget accordingly.

Try something new. Be intentional about funding at least one new tactic in your budget. Again, doing what you have always done is not good strategy.

Short is better. It is a budget, not a novel. Keep it as short as possible. The page count of your budget plan is in no way related to how successful it will be.

There you have it. The BUDGETS rules for budgeting. Now, get cracking, because next year will be here before you know it.

Let the judging begin!

Posted in Armstrong|Shank, Marketing Minuet, Print on November 30th, 2011 by shirley – Comments Off

I was fortunate to be involved in judging some of the best advertising, marketing, public relations and interactive work created for the agri-business industry.

The work was entered in the National Agri-Marketing Association’s Best of NAMA competition. A total of 41 judges gathered in Kansas City at the Crown Center Hyatt Exhibition Hall. Advertising and marketing professionals came from Iowa, Missouri, Wisconsin, Kansas, Illinois, Minnesota, Georgia, South Dakota and Nebraska to take part in the Region 2 judging event. They reviewed and critiqued 1,217 entries over two 12-hour days. Judging criteria included creativity, execution and results.

I have a personal interest in the agriculture industry. My grandfather was a farmer, as was his father before him. They worked the land around the Tonganoxie, Kan., area for more than 100 years. As busy as my grandfather was, he always seemed to have a moment for me — even though he worked from before sunrise to after sunset. His son — my father — knew that I was in advertising and marketing but never really understood what I did for a living over the last 35 years. He knew that I was involved in the agriculture industry in some way and told me that my grandfather would be proud of me for supporting such an important industry. Every year, when I judge the Best of NAMA event, I think of my grandfather.

Agriculture is an important industry for America and the world, and the exhibition hall vibrated with the energy emitted from the marketers’ submissions. During these economically hard and uncertain times, agriculture has put forth an aggressive approach in efforts to “feed the world.” Large organizations supporting the industry have come together, reaching out to third-world countries in order to help people learn how to take care of themselves through the agricultural process. The marketing work that we judged this year made me proud to be a part of this global effort.

The number of entries in each category shifted from previous years. Interactive, online and social media more than doubled from the previous year. The PR entries reflected decreased budgets, with agencies donating most or all of their time. Results in all of these areas were measured as precisely as possible with the variety of tools and analytics that we have access to today. Yes, it’s a client’s dream.

This year’s traditional media included print, video, direct mail, outdoor and radio — all exceptionally creative, well-executed and entertaining. The dollars spent on traditional media were similar to years past, but the demographic was targeted more tightly. This helped save wasted production costs on trying to reach unsubstantiated potential customers, which in turn allowed more dollars to be allocated toward creativity and execution, particularly in the direct mail category.

Here are few of my favorite entries.  I don’t know if they will ultimately win, but they certainly caught my eye and are all winners to me.

 

 

 

Agriculture.  An important industry? Yes, I believe so.

National Agri-Marketing Association (NAMA) is the nation’s largest professional association for professionals in marketing and agribusiness. There are more then 1,730 members.

Five tips for storytelling in social media

Posted in Marketing Minuet, Social Media, Storytelling on November 22nd, 2011 by katie – Comments Off

This year, we are celebrating 30 years in business. To commemorate this achievement, we hosted a 30th anniversary event that included a presentation by author and business blogger Drew McLellan entitled “Storytelling and Social Media.” In this five-part series, we will recap the highlights from his presentation. This is Part 5 of 5.

When you’re ready to tell your marketing story via social media, remember to tailor your message to the audience and to its expectations of the format.

For example, when readers go to a blog, they want to be informed or entertained — not sold.  When checking out a Facebook post, readers expect a quick, insightful “aha” moment — not a lengthy, rambling tale.

Watch this one-minute video excerpt to see the five social media storytelling tips that Drew McLellan presented at a recent seminar hosted by Armstrong|Shank.