What single improvement would help your company optimize its marketing investment? To answer this question, you're probably thinking about your marketing budget allocations for campaigns, events, intelligence, etc. But this question is not about that — it's about getting more bang for the buck by doing things smarter across your marketing organization.
Optimizing means achieving the best possible results by maximizing desired factors and minimizing undesired factors. Desired factors are easy to name: revenue, market share, profit, and opportunities. Undesired factors along your path to these goals include duplicated or scrapped efforts, and low productivity and morale. Your marketing expertise is the key to maximizing desired factors, while how your marketing organization operates is the key to minimizing undesired factors.
Sub-optimization is a "situation where a process, procedure, or system yields less than the best possible outcome or output, caused by a lack of best possible coordination between different components, elements, parts, etc." (BusinessDictionary.com) When any part of your marketing strategy suffers because of isolated pockets of expertise, the squeaky wheel getting the grease, pet projects, firefighting realities, and the like, your marketing investment is sub-optimized.
Insufficient budget is CMOs' biggest aggravation, … Read more →