After a short break for the summer holidays in August, Business Finance Club re-convened on 18th September at our usual venue, The Green House in Bournemouth, with the subject for this month being “How to finance your marketing effectively”.
I was joined by Tom Hadley, a founding director of Sufu Marketing, who has specialised in digital marketing project management and strategic planning for the last 17 years.
Our discussion centred around the following key points:
- The sorts of things you should be planning on an annual basis
- How to prepare financially for “big” marketing costs vs smaller ongoing costs in your budgeting
- What are the tools, systems and skillsets you need in place?
- How to keep a clear picture of different types of spend on a monthly basis (including people’s time)
- How do you accurately measure marketing success?
- How do you understand the true picture of profit and attribute it correctly?
Key learnings from the day
Have an annual strategic plan, don’t do either a) reactionary marketing or b) continuous unreviewed marketing.
Prepare a marketing budget & forecast to provide a clear picture of the different types of marketing costs on a monthly and cyclical basis.
Attach numbers to your plan so you can measure actual performance. Those numbers should include £ number outcomes. That £ number will help you understand possible ROI and if you have the right budget.
Always test your plan with your audience, to be customer-centric. See your brand as theirs, not yours.
It’s vital you don’t rush into implementation, successful marketing requires quality content, regardless of channel. There is no point going to market without it.
If you look at your content needs and your marketing channels this will tell you the skillsets you need. You can decide how to resource that mix, either via in-house staff, outsourcing to an agency, or a mix.
Some channels require more upfront cost, others can be spread over time, so ensure you’ve worked out what that looks like and communicate it.
Assess your marketing plan and forecast and ensure that it ties in with your overall company financial forecast and objective.
Create a marketing funnel for every step from awareness to sale
Ensure you have analytics to cover these steps (channel, website, lead, opportunity, conversion, sale amount)
Monitor and analysis your actual financial performance against forecast with KPI’s regularly to assess it’s in line with your marketing and company financial forecast.
Review, learn and feed that knowledge back into the next iteration of your strategic plan
About our speaker
Tom Hadley co-founded Sufu Marketing after 15 years working in digital creative agencies around Hampshire and Dorset.
Whether developing websites, running campaigns or creating content, the focus of the agency is on taking a “business first” approach to marketing, speaking the language of business rather than digital jargon and focussing on outcomes measured in £ not likes or visits.
Register your interest for the next Business Finance Club event
At the next Business Finance Club on Tuesday 9th October 2018 I will be joined by David Smithson & Natasha Dochniak from Leonard Curtis Business Solutions Group. Our topic will be:
‘How business plans and cash flow keep your business focused and positive’
In this event we shall be guiding you through:-
• Why and how a business plan and strategy is important to you and your business, providing you with best practices and pitfalls to avoid
• The benefits of producing a cash-flow statement with hints and tips to help you
• Why and how cash management is important to your business
• Funding Options – how your business plan and cash flow can support your requirements and external funders
I look forward in seeing you at the next event, to secure your place please register your interest here for ‘How business plans and cash flow keep your business focused and positive’.