Read a timely article about marketing spend management today in Marketing Tech News.
Done well, spend management can free up marketing budget and serve both as a foundation to weather a storm and a catalyst for future growth. Effective spend management enables agile decision making within days (or even hours), allowing marketers to rapidly re-deploy funds where they matter most.
Some key considerations:
Think through which services you really need
- For example, double down on what works – To figure out where spend is having the greatest impact, marketers have to commit to a granular understanding of where their target consumers are and whether the money they’re spending is really reaching them
Change the way work is done
- For example, embrace faster decision making – Move from a linear hierarchy to a decentralised, agile model in which cross-functional teams are given highly focused tasks and clear key performance indicators (KPIs). Instead of waiting for approvals and input, these agile squads have the ability to make their own decisions
Optimise where work is done
- Have you created the right ecosystem of agencies – Create a detailed view of the overall agency ecosystem and establish clarity on how each agency fits together in a cohesive model. Detailing this overall vision allows marketers to select the right agency to fill a specific role and integrate it seamlessly into the broader agency ecosystem.
Pay the right price
- Know exactly what you’re spending – Making smart decisions about spending requires transparency. To get better visibility, companies need both a robust spend taxonomy, a tech stack capable of tracking it, and disciplined operating models that ensure the accuracy and completeness of the data