Boardroom Dynamics: The ROI Showdown in Marketing Budgets.
February 6, 2024In budget talks within boardrooms, the focal point is clear—revenue growth. It’s a harsh reality that marketing often takes the hit when budgets are trimmed. The priority is justifiably on understanding how marketing contributes to the bottom line.
Revenue at the Core: Connecting the Dots to ROAS
The ideal situation revolves around a business’s ability to articulate and report revenue growth. This is the linchpin for tying it all to Return on Ad Spend (ROAS). Whether the journey is straightforward, directly from click to purchase, or a complex process requiring intricate mapping of the customer lifecycle, the goal is to determine the end lifetime value and the steps leading to it.
Everyday Discourse or Occasional Revisits?
In this video conversation between Andrew Eklund, CEO and Founder of Ciceron and Megan Cameron, Director of Analytics and Marketing Intelligence, the delve into the prevalence of revenue discussions in everyday work. Megan discerns that it often hinges on the company’s size. These conversations are more frequent and direct in smaller setups, where marketing and sales collaborate closely. However, in larger organizations, the complexity of multiple layers may lead to a loss of focus on collective business success.
Cracking the Code for Collective Success
Megan emphasizes the need to crack the code—ensuring everyone understands that individual success aligns with overall business success. This, she contends, marks a significant stride in the right direction. Aligning personal objectives with overarching business goals becomes imperative for sustained success.
In conclusion, the boardroom dynamics in budget discussions are best optimized when businesses recognize that the success of individual components, like marketing, is intricately linked to the prosperity of the entire enterprise.
Ready to dive into the intricacies of boardroom budget talks?