For many of us the new financial year starts in April and in the period January to March we turn our attention to business planning. How many of us look back and really scrutinise the previous year and use the learnings to influence our future plans? Instead, it is not uncommon for Senior Managers to start their planning with the same spreadsheet from the previous year and just edit some of the numbers. This particularly seems to be the case for Marketing Budgets. I have lost count of the number of times a client has significant spends allocated to Exhibitions or Conferences on the basis that “we always attend that one”. Inevitably we ask the question why and what was achieved on the back of that investment. Frequently, the reality is the investment is habitual rather than rational or emotional.
Marketing spend Vs value
This is just part of a bigger question, which is; are we getting value for our marketing spend?