BDN recently surveyed a group of aerospace and defense marketing professionals to better understand their needs, preferences and challenges. The findings and trends were enlightening, and we’ll soon be sharing them in a new white paper.
Interestingly, most respondents said insufficient funding is their No. 1 challenge and frustration. We all know marketing is not usually a top priority for aerospace and defense businesses. Many view it as an expense or a necessary evil but, done properly, marketing is an investment that delivers bottom-line results.
This is where it gets tricky. As marketers, we want more resources to do more things, but we are not always willing to embrace the level of discipline required to credibly demonstrate return on investment (ROI). This is a subject BDN has already covered extensively, and you can read more in the white paper section of our website.
If you want to demonstrate marketing ROI, but don’t have a plan in place quite yet, you might consider adding discipline to your decision-making process -- finding opportunities to save or spend your limited budget more wisely. Start by asking some hard questions.
Do you have an annual marketing plan that outlines what you are going to do, and why? A strong plan that has buy-in from management and sales can keep you from veering off track with costly, unplanned activities that don’t truly support your goals and objectives.
Do you follow a process each year to evaluate your trade show selection and attendance? Can you link any given show to past leads or sales? Most companies spend more on trade shows than any other marketing activity. A rigorous and impartial evaluation of each and every event may help you eliminate non-productive activities and free up funds for other projects.
This same rigor should be applied to all print and online advertising buys. Is your evaluation process fair and consistent? Is it fact-based, and does it include examining the performance of each venue and ad? Monitoring will reveal which ads and media are generating leads, and will spotlight those that don’t measure up. By requiring accountability you can eliminate non-performing ads and placements for big savings.
Take a closer look at what you are still printing and why. Can a data sheet or brochure be just as effective on a tablet or online? Work with your sales team to understand their needs and identify areas where hard copies are no longer necessary.
What about travel? Travel is important, because face-to-face interactions are always best. But are there ways to leverage technology and use video conferencing tools in lieu of a costly, time-consuming trip?
These are just a few examples of how you might use the budget you have more effectively by measuring your current efforts and questioning the status quo. As you build a history of metrics, and demonstrate your willingness to find and eliminate unnecessary spending, you’ll be in a better position to request and receive more budget, more influence and even more respect.