Strategic Spending: Where Companies Should Allocate Their 2024 Marketing Budget

During our weekly marketing meeting last week, in addition to scorecard reporting and byrdstorming, we discussed blog ideas and the next installment of our LinkedIn newsletter. Since we’ve already headed into Q4, we wanted to share some things we think companies should budget for in 2024. Thank you to our nest for contributing to this blog!

Let’s get started.

Shannon Carlson: Ignite your marketing flywheel

Not to sound like a broken record, but if you haven't already, it's time to invest in marketing automation. In an era where customer engagement and personalized experiences are paramount, marketing automation serves as the cornerstone for building an effective marketing flywheel. By automating repetitive tasks, segmenting audiences, and delivering targeted content at the right time, businesses can streamline their marketing processes, boost efficiency, and nurture leads more effectively. Don't take it from me, take it from HubSpot who has perfected the automation game. There are so many ways to connect with current customers and prospects through solidified and planned campaigns and workflows. With the right technology, you can achieve this.

Beau Robinson: Implement an omni-channel marketing strategy to give customers a seamless buying experience 

Consumers interact with multiple digital and in-person channels before making a purchase. An omni-channel marketing approach recognizes that not all consumers are the same, and integrates all channels together to lead your customers down the funnel towards a purchasing decision. And now, your customers crave a personalized and seamless buyer's journey more than ever. You should budget towards getting in front of your customers in all the places they hangout with the right messages at the right time. You can read more about omni-channel marketing strategies here.

Kelly Demel: Give video a shot

In 2024, organizations should set aside a marketing budget for video storytelling. Not only does video consistently result in higher engagement across channels, but even a single day of well-planned shooting can produce several core pieces plus enough smaller segments to sprinkle throughout the year. "Reframe" video in your mind -- it's not as cost-prohibitive as you might think.

Richard Byrd: Refresh your strategy

Companies should be investing in taking a strategic view of their marketing efforts in 2024. Most companies we meet haven't done that in a while, or ever. Many times they look at investing in a handful of initiatives and don't get the results they are looking for. Instead, they should be taking an end-to-end view of their marketing efforts. What are their growth goals for the business? What is their position, how do they differentiate from their competitors, what value do they provide, and how are they going to communicate these things to new and existing customers? Then from there, how much are they going to be willing to invest in achieving their goals? Make no mistake about it, marketing does require investment. This brings me to my next thought…

Richard Byrd: Talk to strangers

Companies need to invest in "talking to strangers." Serious growth can't happen without bringing on new customers. But in order for them to become new customers, they need to know about you and your offerings. Your sales force won't be able to scale enough to drive rapid growth at scale. This will require an investment in demand generation. Invest in advertising that will generate high-quality leads for your sales force and generate net new customers. Oh, and by the way, this needs to tie into your marketing strategy, as mentioned above!

Cate Diezi: How Does Culture Drive Success?

Company culture often becomes a topic of discussion during interviews but tends to fade into the background once onboarding is complete. People become consumed by their daily tasks, and the importance of culture often gets overlooked. While a solid PTO and benefits package are certainly appreciated, it's equally crucial to consider whether you genuinely enjoy working with your colleagues, trust them, and share a common vision for the company's future. A robust company culture revolves around shared values, trust, and the excitement of waking up every day loving your job. This, in turn, leads to a lower turnover rate and a passion for one's work, reflected in the quality of output. Investing time and resources into cultivating a strong company culture creates dedicated and passionate employees and promotes a sense of teamwork that significantly benefits organizations.

Madelynn Vickers: We’re nearing the end of 2023. Your website should be optimized.

Last week, I stumbled upon an insurance agency’s website and instantly wanted to back out of the page. It looked like it hadn’t been touched since it was built in the 90s. On top of the outdated design, there was so much long-form copy on the homepage that it overwhelmed me just by scanning it. I recommend companies allocate a budget for site optimization, especially if it hasn’t received updates in a long time. Like we state in our blog, your website should be your most dedicated salesperson. It works tirelessly around the clock to effectively communicate your message to your target audience. By harnessing modern technology, enhancing the overall site design, delivering valuable content, and ensuring the clarity of your company’s message, you can facilitate a deeper understanding amongst your customers of the value your company provides. This, in return, will entice customers to engage further with your brand.