B2B Word on the Street: Budget
This Week's B2B Word on the Street is: BUDGET
Considering the current economy, this word, it seems, is on everyone’s mind. And all too often, it is either preceded by the word “limited” or followed by “cutback.” Just as many of our B2B marketing clients have done, we’ve considered some belt tightening at MLT Creative.
We realize that, much like our clients, we too are a B2B marketer, since our target demographic for new business is a professional audience – marketing directors, marketing VPs, etc. We have encouraged our clients to resist drastic budget reductions, and to put our money where our minds are, we are investing more this quarter in our own marketing.
Unfortunately, the marketing budget is too often the first thing to get cut, because it is mistakenly considered an expense. If applied with the right strategy, a bold investment in marketing can be the right move in times like this – especially in B2B marketing. Most experts say market conditions are cyclical, so maintaining or even gaining market share while the pie is smaller will pay off when it eventually -- and inevitably – expands. Those who put their heads in the sand will then have to invest heavily to gain back ground they’ve lost.
Our increased marketing efforts for new business have already begun to show results. By positioning our service as a well-timed solution for marketing professionals with “limited budgets,” we’ve gained some new accounts, and have so far been able to compensate for cutbacks from our established client base.
I’ve read a few articles in the most recent BtoB Magazine that support our theory on sustained or increased marketing investment in tough times, instead of following the word budget with the words – cut back.
Here are the links. Check them out:
'Marketing budgets showing resilience'
'Budgets holding up — for now'
'Why b-to-b is the place to be in the downturn'
Billy Mitchell is the president and creative director of Atlanta-based B2B marketing firm MLT Creative. Located on the east side of Atlanta, GA, with a Northeast office in Rhode Island, MLT Creative was founded in 1984 by partners Billy Mitchell, Craig Lindberg and Glenn Taylor.
Known as the Idea Launch Pad™ for B-to-B marketers, MLT Creative’s services include strategic planning, positioning, brand development, advertising and sales promotions for business-to-business clients.