Asking and Getting a Bigger Budget
Everyone dreads budget season but no one more than the marketing department. It’s the time of year when marketing professionals must convince people that don’t know anything about marketing (but usually think they do) that they need money. It’s having to explain every line item and scrutinize every request that usually turns impossible when you are asking for an additional budget. So, how do we make these conversations easier, more effortless, and less nerve-wracking while also negating the risk that we will end up with less than we need?
Here are a few simple tips to make budget season a little bit easier for you.
- Think like a budget manager – The budget manager is also on the line to explain why they approved a budget that didn’t result in additional revenue if the plan doesn’t pan out. Come into your budget meeting armed with positive, data-driven outcomes that emphasize revenue generation.
- Make sure you emphasize the tactics that align with the sales team. Show that you’ve thought through and had the appropriate discussions to show that the tactics you’re suggesting are going to support sales.
- Make a strong case for why the increased budget is necessary. This might involve conducting market research to identify potential growth opportunities, and presenting data and analysis to support your arguments.
- Show how the increased budget will be used effectively and efficiently. This might involve presenting a detailed marketing plan that outlines specific tactics and strategies and demonstrating how these will contribute to the company’s goals.
- Demonstrate how you will regularly track and report on the performance of the marketing efforts, so that management can see the return on investment of the increased budget.
Overall, the key is to approach the conversation with data and analysis and to focus on the potential benefits and value that the increased budget will bring to the company.