You don’t want to get to a place where:
- Someone else could achieve the same strategic results with less spend?
- A competitor figures out how to reduce their spend with no strategic consequence?
- Your MD forces you to cut costs [If this happens then read this post [When the MD asks: “How to cut marketing expenses”- what to do.]
Things can and do happen in business which may leave you feeling increased pressure to perform. It way be in the form of:
- Spending less to get the same results
- Spending the same to get more results
- Spending less and getting more results
It is a red flag if you need to increase your efficiency when the pressure to perform (on any of the points above) is sustained over a long period.
Do you then find yourself too busy because of the sustained pressure?
Being too busy is the result of not being efficient. As marketers, what typically happens is that we try solve missing a strategy goal by doing more work. We pile on the hours. Our usual 40-hour work week just grows and grows. The company sees strategy goals slipping and responds by increasing the pressure and all of a sudden we are taking work home and working weekends. The problem is that when you take work home, you are simply doing more of the same, so you will never escape the problem unless you work smarter – in other words – increase your efficiency.
Pause and reflect:
- Do you wish you had more hours in the day?
- Do you wish you could get more done in a day?Now take the thinking you have applied to yourself and apply it your work:
- Do you wish you had a bigger marketing budget?
- Do you wish you could get better results from your marketing spend?
- Do you wish you could spend less and get more?These problems can be improved by increasing your efficiency – spending or working smarter. The difference between your work time and your marketing budget is that with your work time you are able to work more hours to get more done in a month but marketing spend is generally capped and cannot be increased. Reducing marketing spend without compromising strategy requires increased efficiency of that marketing spend.
If you think about it, marketing return on investment is also an efficiency measure addressing ratio of spend to results in a financial manner. Being able to prove a good marketing return on investment means that you can:
- Prove you’re efficient
- Prove that if they give you more marketing spend you can give them more resultsUltimately, increasing your level of efficiency will mean that you can reduce marketing spend without compromising on strategy. By implementing an Inbound Marketing strategy, you will directly improve efficiency.