Use it or lose it. It’s an age-old challenge for corporate marketers: In the waning days of 2021 what investments can you make ahead of the new year to strengthen your position for 2022 without impacting that budget?
The short answer in three words is simple: predictive marketing analytics. Why?
- Marketing budgets are on the rise, so you need to know how to invest in new, untested tactics.
- It will help you make smarter choices when unexpected impacts occur.
- Next-generation marketing mix solutions help with your day-in, day-out spending decision making, and machine learning continually improves your spending choices.
Marketing Budgets Are On The Rise…And So Are Expectations
In a recent survey of marketers that Keen Decision Systems sponsored with ClickZ nearly 95 percent said they expect their marketing budgets to increase or stay the same; a full 62 percent said they expect a budget increase.
How will you make decisions about which new channels or tactics to add if you don’t have past metrics as a guide? How can you plan your future spend allocations to ensure maximum efficiency and effectiveness?
The simple fact is that today’s marketing mix landscape is too complex and dynamic to make those decisions by gut instinct alone, or to rely on a one-time, historic marketing mix model.
Today’s next-generation marketing mix approach relies on technology to predictively and prescriptively build profitable spend scenarios across your entire marketing mix to help you make smarter choices.
Are You Better Prepared For The Unexpected Than You Were In 2020?
There was a time when marketing planning was an annual, year-end event. But when COVID-19 struck in Q1 of 2020, every marketer became newly aware of two eternal truths:
Historic performance is not an indicator of future success.
When the unexpected hits, it’s adapt or die.
The epic, worldwide pandemic stopped the marketplace in its tracks, and then slowly gave way to a very different and less stable market condition.
While the continued effects of the pandemic are still top-of-mind for marketers (53.7%) going into 2022, the next biggest concern is the unknown (42.6%).
What resources did you turn to in 2020 to adapt to the unexpected? How will you be better prepared next time?
A remarkable 90 percent of marketers who rely on predictive marketing analytics say it is “extremely valuable” for guiding future marketing decisions, while just 20 percent of those using traditional marketing mix solutions consider it to be “extremely valuable” for future decision making.
Implement Predictive Marketing Analytics Now, Improve Continuously
The great thing about implementing predictive marketing analytics (like Keen) now with your 2021 budget surplus is that you can be up and running in January, validating your 2022 marketing mix and then continually adding new insights as you execute so that you can update and adjust your plan to create the most value from your budget and reduce risk as you explore new channels, respond to new market effects and become a more agile, nimble marketing organization.
Book a call with Keen today to take the next step.