There is no doubt that there is more pressure than ever before on enterprise marketers to show and deliver ROI for their organizations. According to a recent KPMG presentation at the recent ANA Finance conference, digital transformation and technology have accelerated by a shocking seven years over the last year as a result of the recent pandemic. Keeping up with these changes and the added pressure to prove ROI within shrinking budgets means marketers will need to become more agile, transparent and effective in managing their marketing budgets and activities.
In light of the continued changes in enterprise marketing, BrandMaker recently commissioned Forrester Consulting to conduct a study to highlight the challenges surrounding financial management for marketing planning and initiatives, including budget cycles, tracking ROI, measuring the effectiveness of marketing campaigns, and quantifying marketing’s impact on business objectives. The study involved 159 enterprise marketing financial management decision makers in $1B+ companies within the U.S.
It’s Time to Think Bigger About Marketing Operations
The findings continue to support the fact that there are still a significant number of enterprise marketers who have not yet begun to think bigger about their marketing operations. While improving budget management is a high priority for almost all respondents, only 4 in 10 (40%) say their budget and spend management is mostly automated and nearly two-thirds (63%) are still using spreadsheets within their budget planning processes.
Additionally, “most” marketing decision-makers say their organizations are effective at responding to internal and external factors that require immediate budget and resource adjustments, but there is a significant difference in how they are defining this notion of “effectiveness”. As it turns out only 30% could make adjustments/reallocations within a week based on campaign performance. So much for immediate budget adjustments.
“The turnaround time is similarly disappointing for adjustments based on changes in customer needs, the competitive landscape, market conditions, and budget-related fluctuations.” Ideally an organization should be able to make these adjustments in real time, but only one in ten (10%) of the respondents say they can make updates within a day.
As an implication of these issues, most of the marketers we surveyed said they are spending more time on budget management than they would like…time that could be spent on realizing marketing goals and strategy.
Optimize Budget Decisions to Enhance ROI Performance
The study validates that centralized marketing financial management solutions can solve many of the challenges that inhibit today’s budget management process, including:
- Reliance on manual processes
- Lack of collaboration and visibility across the extended enterprise
- Lack of centralized tools
- Lack of true agility in making changes in real time
Marketing operations can provide real time tracking, flexibility, and transparency to optimize finance and budget management processes. It bridges the gap between strategy and execution to provide the solutions to go beyond just driving budget efficiency, to actually creating business value through optimized budget decisions that enable more effective ROI performance.
BrandMaker’s Finance & Budget Management Resources
Understanding the importance of the need to think bigger about marketing operations, BrandMaker has developed several resources addressing these marketing operations challenges as relates to finance and budget management:
This customer story is about one of the very largest entertainment companies in the world, with many divisions that deliver experiences and products across the spectrum of our lives. They have built their reputation, and their business, on providing fun for the entire family.
This eBook is a practical guide for moving enterprise marketing operations from today to tomorrow to adopting the technology that will increase efficiency. The successful result is a faster time-to-market, with greater efficiency, along with the visibility to gain complete control over the budget. This eBook shares what we’ve learned as the developer of the technology, along with the lessons learned by our forward-thinking customers who use it daily on the front lines of marketing.
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