Review your ROI and present budgets
- Are your current strategies working? Are you getting a good return?
- Analyse how you’re using your resources – could your budget be better spent?
- What would you do with your budget if you could start again from scratch?
Chris: Number one is review your ROI – return on investment – and your present budgets. So take a look at what you're doing at the minute and see where you can get money from, where you can pinch things from.
Matt: Sometimes it’s important to be brave with these things as well. If you take exhibitions, for example, they can be quite an expensive outlay, and you really probably should have some idea of what return you’re getting on those kind of shows. It’s worth a look to see if it’s still a good exercise to do, and break away from this idea that ‘we’ve gone to this all the time, we should be there because our competitors are there, we need to be seen’ – because maybe if you reallocate that budget elsewhere you can get massive traction and win a new market from some other direction.
Chris: It’s quite difficult when you come to a new year, you kind of go, ‘I’ve got no marketing budget because we’re doing everything we’ve done the previous year,’ but you can look at it again and go ‘Okay, let’s stop doing everything,’ in an extreme case. ‘Now I’ve got quite a lot of money. What would I do if I started again?’
Matt: Exactly. What would you do if you did nothing that you did last year? Ripped up those plans and started again? A good way of thinking.