Your (Mighty Mighty) boss(tones)…I had to do it…tells you one day that s/he wants to double the digital marketing budget.
Sounds great, but there’s a catch.
Your boss wants you to focus on maximizing impressions & clicks and s/he also thinks that by doubling the budget, you’ll double the funnel and magically double the profit hitting the bottom line. The key breakdown here is that the relationship between an impression and a sold product can often be very weak. With 2X the budget, any marketer worth their salt can greatly increase impressions and clicks. Just add a heavy dose of clickbait and voila! But does that mean those impressions or clicks are any good? Will they lead to sales…or to sales people spinning their tires and going nowhere?
So, if your company is in online ice delivery subscriptions, maybe don’t set the sales team up for failure with a bunch of Eskimo leads, ok? Instead, focus on educating your boss/client/colleague not to expect a silver bullet solution, and that the best course of action is to carefully analyze the funnel to find any low-hanging fruit before wantonly throwing money at the problem. The bottom of your funnel is where you exert the most leverage on the bottom line.
So, for example, minor improvements to a conversion rate like increasing the number of months the customer remains subscribed will have the biggest impact. Pull this off and you might just get that raise you’ve wanted…and you can use that money to go see the preeminent ska punk band of the 1990s, The Mighty Mighty Bosstones!