know how to make the most of your strategy – WAU
Productivity and efficiency are two keywords for the professional who works with Digital Marketing today. After all, the demand is so great that, in order to be successful, it is essential to use the finances applied to Marketing and, thus, further optimize your communication strategies.
When we talk about Digital Marketing, numbers and metrics are important parts in the search for better results for a company. However, it is not enough to achieve long-term goals. Therefore, it becomes necessary to use finances applied to Marketing to make sure that your strategies are, in fact, the best.
The monitoring of the indicators until the periodic review of the planning are some practices that should be applied, for example. Therefore, the two areas need to come together and, of course, use concepts from one sector in the other and vice versa. Thus, the tendency is that your planning becomes more efficient.
How about, then, knowing more about how to apply finances to Marketing and thus generate better results for your strategies? Just continue reading to remove all your doubts on the subject, from the importance of the correct management of resources to actions to put into practice. Check out!
What is the importance of finance applied to Marketing?
With the digital transformation, many professions have undergone several changes in their work routines. This is the case with Marketing, where professionals increasingly need to worry about the financial issue of their strategies. With the creation of metrics and indicators, for example, this became even more necessary.
Keeping track of every detail is essential not only to know if a tactic is working correctly, but also to know if that effort is financially viable. After all, there is no point in attracting more leads with a paid ad campaign, for example, if resources are not returning as expected.
Calculating Return on Investment (ROI) is an example of how you can use finance applied to Marketing. That is, calculating how much was received in relation to the initial investment made with a campaign or action. Thus, it becomes possible to identify the viability of a strategy, for example.
In addition, the market is increasingly competitive, no matter if you manage an e-commerce or just use the digital platform to promote your services, the competition is huge and requires more from companies. Paying attention to the most efficient use of resources can be a competitive advantage.
Therefore, that image that the Marketing professional only spends the resources of a company without worrying about the productivity and efficiency of its strategies must be replaced. Today, anyone who works in the field can only succeed by using the finances applied to Marketing.
With the need to advertise and publicize their brands, even the smallest companies in the market need to think, for example, of SEO (Search Engine Optimization) strategies and, consequently, a budget for the sector. Therefore, Marketing and finance need to get closer and closer.
Correct financial management ends up being another way of evaluating the work done by Marketing. After all, there is no point in producing a fantastic ad visually, but that does not bring more visitors to your pages or conversions for your sales team, for example.
In order to manage your team so that you deliver the results expected by the organization, you need to worry more and more about the numbers.
What are the advantages of applying financial concepts to Marketing?
Using the finances applied to Marketing becomes more and more a necessity within the market. So that you have no doubts in applying these concepts, we have listed some reasons to encourage you and your team to think about it. Check out!
Better use of resources
One of the justifications for not investing in Content Marketing, according to Content Trends 2018, is the lack of budget or available staff. It is therefore necessary to make better use of available resources, just what some finance concepts can provide.
To have positive results in Marketing, the most important factor is the correct use of available resources, especially when they are scarce. Knowing how to use what is available to achieve the best possible return, which can be facilitated with some practices in the financial sector.
Ads need to be thought and analyzed in the aesthetic part, however, it cannot be the only way. Knowing what they offer in return is even more fundamental today. When applying ROI, for example, you can identify which campaigns and actions are actually effective.
With close monitoring of the performance of your Marketing actions and a more analytical vision put into practice, your team tends to become more productive and efficient. After all, you’ll be able to focus on perform the activities that generate the best results for your business.
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What are the most fundamental actions to put into practice?
Now that you know what the advantages are, it is essential to put some actions into practice within your team’s routine to reap these benefits. Therefore, we have separated the most important concepts that you must take into account when using the finances applied to Marketing. Check out!
Set goals and objectives
The first step in applying finance concepts to Marketing is to set goals and objectives to be achieved. If the Sales team works with goals, why shouldn’t Marketing? Therefore, determine which numbers must be reached at the end of a period to be able to know if the strategy worked or not.
Review planning regularly
Then, it is time to carry out the planning to choose which actions will be taken. What strategies to apply to achieve, for example, increase the number of leads generated or the clickthrough rate of your ads? Planning that must be regularly reviewed to change what is necessary.
Follow the result indicators
Metrics are already part of the reality of those who work with Digital Marketing. However, it is necessary to be careful with vanity metrics, which do not show the whole reality of their strategies. So keep an eye on indicators like ROI and ROAS (Return on Advertising Spend) to find out which of your strategies are really working.
Perform periodic performance analysis
Another of the finance techniques applied to Marketing that must be taken into account is the monitoring of the performance of its strategies. That is, regularly monitor what each strategy is generating for your company and, of course, what can be done to improve performance.
By monitoring the indicators, you can prevent a small error from changing the results obtained by your company. Thus, it becomes easier to identify which strategies need to be improved and those that are as expected.
Use technology to your advantage
The digital transformation allows companies to become even more efficient and productive in their daily lives. When we think about Marketing, the behavior must be the same and, therefore, using the tools available to, for example, automate your email marketing strategy is a solution.
Using programs and software that make work less bureaucratic and more strategic can also be a differentiator. Allowing you and your team to access the numbers and performance of your actions and campaigns. Or even reliable data from different sources and sectors.
What is the relevance of budget control for Marketing?
Everything that is invested in the Marketing sector must be planned in advance, so that you can know exactly what actions can be taken to achieve the objectives set by the company. Therefore, it is essential to have a control of the budget for the sector and, thus, guarantee the best results.
With the budget in hand, you can identify the source and destination of resources for the sector. Thus, you are able to define which actions must be performed to reach the planned objective, avoiding waste and guaranteeing the resources so that each of the actions can be performed correctly.
Budget control, therefore, is essential for your Marketing planning to be, in fact, efficient. Only then is it possible to allocate the funds that go to one campaign or another, always in search of the best returns for your company.
The finances applied to Marketing are, therefore, an increasing trend for those who want to stand out in the market. Controlling the performance and return on your investments is a way to ensure greater productivity and efficiency of your Digital Marketing strategies.
To start putting these concepts into practice, the first step must be to think about the budget for the sector. So, how about checking out a material produced so that you have greater control of your actions and campaigns? So download the Marketing budget spreadsheets kit now and optimize your results!