What's Happening?
In a recent webinar hosted by Marketing Week, industry leaders discussed strategies for navigating the budgeting and planning process in marketing. Participants included Hovis CMO Mark Brown, Sage's global
director of marketing analytics Steph Osiol, and Traction CFO John Miller. The discussion focused on the importance of collaboration between marketing and finance teams to drive investment and growth. Key strategies include starting with customer insights, using data to support budget requests, and maintaining flexibility in planning. The conversation emphasized the need for marketers to articulate the value of long-term brand investment and align marketing objectives with broader business goals.
Why It's Important?
Effective budgeting and planning are crucial for marketing teams to secure investment and drive business growth. By fostering collaboration between marketing and finance, businesses can ensure that marketing strategies are aligned with financial objectives and contribute to overall success. The insights shared in the webinar highlight the importance of data-driven decision-making and the role of marketing in representing customer needs. These strategies can help businesses optimize their marketing spend, improve ROI, and achieve sustainable growth.
What's Next?
Marketing teams are encouraged to continue building relationships with finance departments and using data to support their budget proposals. As businesses plan for the upcoming fiscal year, marketers will need to balance long-term brand building with short-term objectives. The next edition of Marketing Week's webinar series, The Lowdown, will take place on November 19, providing further insights into effective marketing strategies.
Beyond the Headlines
The discussion underscores the evolving role of marketing as a strategic partner in business planning. It highlights the need for marketers to be adaptable and responsive to changing market conditions. The emphasis on customer-centric planning reflects broader trends in marketing, where understanding consumer behavior is key to driving engagement and loyalty.