Need to get buy in to resource and investment in digital marketing? Keep reading to learn five ways to get the investment you need.
Whether it is ‘intangibles’ like up front strategy, planning and goal setting or ‘tangibles’ like websites, blogs, email systems, databases, social media accounts and more, you need to be able to bring your colleagues with you.
Arguing the case for an investment in digital marketing involves an understanding of the rules and vocabulary of the boardroom.
You have a digital footprint
Everything you and your business does online helps create a digital footprint which has immediate and far-reaching implications on your brand. Customers can make a spontaneous first impression of your capability and credibility so it is important to get it right. With some customers the impression made, the quality of presentation and substance of the content are so fundamental that poor first impressions rule you out for life.
The ability to track and trace
Encouragingly, digital marketing can be tracked in much more thorough ways than other more traditional techniques. An investment in overt migration of traffic towards websites, landing pages and other content hubs is a smart move and getting a view of impressions, clicks and visits helps to establish what works, what is valued and what is not. With the advent of the download, customers are now prepared to exchange contact data in exchange for worthwhile content that will aid their understanding of a given topic or help them in their role.
So, is it any wonder that if you don’t have a strategy that illustrates where you are, where you want to be and how you are going to get there, then when you ask for investment, senior managers appear reluctant?
The benefits of a digital strategy for a business are straight forward and clear:
- It can deliver immediate, measurable return on investment.
- It provides a consistent platform for brand communications and amplification in the most important, growing and innovating area of modern business.
Five things to remember when convincing senior and financial management about digital investment
1. Remember, they need your expertise
It’s not that the boardroom is hostile to the concept of digital marketing. A lack of confidence and lack of knowledge probably makes your board nervous. From their kids spending all their time on Facebook, to complicated smartphones to the rise of app culture, the value to B2B isn’t always easy to draw.
It’s your responsibility to bring them up to speed and always make recommendations with the company’s best interests at heart. Simple quick wins might involve internal training, shadowing on projects and visits to conferences and exhibitions to immerse in the industry. This will help you understand issues, trends and fuel strategic thinking.
2. Understand the language of finance
Those empowered with rubber-stamping business investment are invariably concerned about risk, return, cost and savings. With accountancy at their core, their perspective is the removal of excess expense. Consequently, unsubstantiated trends and crazes, new platforms – anything without a reasoned and robust strategy behind them – are not going to get financial backing.
3. Make attribution your friend
Marketing is all too often viewed as an extravagant overhead in many companies and is constantly under scrutiny. Finance Directors can be uncomfortable with marketing campaigns that cannot be measured, partly because of the rather mystical approach to attribution and the squabble that often takes place between marketing and sales teams.
But explaining the principles of media attribution models and the move away from ‘last click wins’ models can really help foster an understanding and buy-in to digital marketing expenditure. It can also help you explain the value of activities which are likely to be more effective in brand building and demand generation than traditional approaches.
4. Paint a picture of an improved future
Or so you might think. Try to build a compelling argument that makes the case for investment in marketing activity based on generating leads (risk), reports greater visibility of results (return), automating previously manual tasks (cost), delivers service at a reduced cost (save). It doesn’t have to be immediate – future time and resource cost savings are as powerful as real time ones.
5. Paint a picture of a future without it
Demonstrate, especially drawing on big industry trends and the activities of your primary competitors how not investing will actually have a devastating effect on the long term profitability of the business.
What challenges do you face in requesting (more) digital marketing investment? Share your challenges and tips below.
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Image credit: Telegraph blog