Meetings around the marketing budget can be tense and often challenging but don’t assume that everyone knows what you do or even what you know. In fact, you can really use this opportunity to educate everyone in the room on your marketing strategies and tactics. Bring them your budget plan and tell a story with it, especially if you are doing something innovative that can improve the business. Help your CEO or Chief Financial Officer see your vision and taste the victory that it’ll bring. But be ready for queries and most importantly, awkward questions.
Here are three questions you can ask yourself before your meeting to adequately prepare yourself.
Is this marketing plan in keeping with the corporate strategy?
The company will have a long-term plan or framework in place, designed with an objective in mind. One of the first things that any CEO or CFO will question is how spending this money will help the company meet these targets. Be ready to explain your ideas, your findings, your thoughts, and why you are sure that going this route will bring the company where it needs to be. Examine the audience that you will be asking for budget from, their titles, and what their objectives are. You understand your plan and it will make perfect sense to you from a marketing point of view but it may not fully resonate with them so make sure it’s clear.
Does the marketing strategy prioritise the most effective and budget-savvy ways to achieve growth?
To break it down, what methods are you employing in your plan to nurture the business? Are you putting spend into advertising or sponsorship and promotions?
If so, have you exhausted the more ‘organic’ methods of increasing business? Could you focus on growing your social channels or driving traffic to your website? Could you look at revisiting old or dead leads?
Have you eradicated all non-essential spend?
If you are asking for more money than the previous year, have you eradicated all non-essential spend areas? Basically, be ready for your budget to be examined with a fine-tooth comb. Before you look for a larger spend, ensure that there are no holes in your plan. If the management team sees money being wasted or allocated to something that no longer serves a purpose, they are less likely to award you a greater budget.
So, there you have it. 3 ways you can prepare yourself for your next budgeting meeting. Good luck!
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