How Investing More In Your Marketing Can Boost Your Finances
From a finance point of view, business is primarily about the bottom line, and the traditional perspective has been for the finance department to focus primarily on this aspect. Reducing expenditure and increasing revenue or sales are the magic bullets. There is. However, one spends that even the finance-driven businessperson has to acknowledge, and in fact, insist upon, and that is your marketing.
Why Is Marketing Important For Boosting Your Finances?
Finance has always seen your marketing works as the unnecessary flash spend and check up to keep costs down. And it reduces the number of freebies and gifts that customer service looks to provide. If there were cuts to be made, then it always seemed to be marketing that was the easy cull.
However, it has been proven that marketing is the only means that a brand can be developed and a successful product or service turned into a sustainable business. The good news is that you don’t have to spend a fortune to promote the brand; with a DTF printer, you can create merchandise with your logo like T-shirts and coffee mugs.
Using some of the professionally made branded merchandise available from providers such as anthembranding.com, is a great place to begin to understand what type of items can be used to build the brand and should form part of your overall marketing campaigns. This spend is expected to be recouped.
The only true way that this can happen is for finance teams to be aware of the importance of marketing and be able to do the cost-benefit analysis for brand building for long-term sustainability, rather than only focusing on immediate gains.
Marketing Means Money
Financial sustainability is about more than just current sales and current ideas, and this is where marketing has a key role to play. Value is about the brand rather than the monthly sales figures alone, and brand value can and should be part of current business financial management calculations.
If your marketing makes money, then finance and marketing are actually closer than many people imagine. Long-term financial strategies are necessarily related to the development of the brand and associated products and services, and as such, must be devised through collaboration between the marketing and sales teams, as well as financial analysis.
What this closer relationship will mean is that your marketing will become more scientific and precise.
The logic is somewhat simplified herein in that the investment in marketing should be realized in increased revenue and sales of the product or services that have been marketed. But this is dependent on a number of factors:
- The reach of the marketing. Did the message reach those it was intended for?
- Analyze the overall cost of the marketing. It cannot be a bottomless pit, and money must be spent in relation to the anticipated financial returns.
- Based on credible market research, any financial spend must be based on reasonable and reliable information and research, with detailed financial analysis of the options.
Big Data And Marketing
The best way to prove the point of marketing is to gather and analyze big data. Any customer behavior, interaction, engagement, and transactional data linked to the timing of marketing campaigns can quickly begin to show buying trends in relation to marketing initiatives.
This must be an ongoing process, and the end goal is to be able to draw inferences and make connections between marketing and sales specifically.
It is only with this data that you are able to prove or disprove the linkages between increased spending on marketing and the return on investment from related sales. Investment for your marketing means the result. You can calculate the potential future profits of the business.
Conclusion:
Investing more in your marketing can thus indeed boost finances. However, it must be noted that this may not be the case unless the finance and marketing teams work together and marketing is mainstreamed throughout the business. Not only does marketing make money, but it also costs money. With your marketing planning, your financial map work is not going to be completed. And for analyzing the market situations, only the marketing results are going to help you.
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