3 Essential Steps to Plan Your Lead Generation Budget for 2016
With the beginning of the year 2016, market leader’s world over take stock of their department’s spending with respect to the year that has passed by. This is done to get an insight about the expenses incurred for the year that has gone by along with gaining an idea about the respective profit that has been gained. This helps in the preparation of a budget proposal for the current year.
Need for Lead Generation Budget Proposal
Lead generation activity being dynamic is constantly undergoing paradigms of shift and that too in very short period of time such as the emergence of newer technologies and skills that need to be met to meet the ever growing demand.
This makes it mandatory for companies to identify their resources and allocate the same so as to meet the ever growing demand. The resources that match the latest trend with a need to be invested immediately along with those resources that can be invested at a later period of time or certain resources that act as simple terminologies need to be prioritized.
Technology alone cannot maintain growth. A perfect blend of technology along with better business processes in the form of a proper resource allocation is the key to frame a logical lead generation budget that helps bring real success.
Three Strategies to Successfully Plan Your Lead Generation for 2016
1. Drafting an outline structure for return on investment
The traditional view of marketing has always been from the point of view of cost rather than as returns for a company. This is primarily because of marketers’ ineffectiveness in identifying the contribution of marketing cost and relating the same to the company’s profit and success.
With the current marketing being centralized on data usage and converting of leads into customers and profits, focussing on budget proposals has become the need of the hour as they help to increase your sales productivity manifold.
By creating a forecast for an increase in key Productivity along with projecting a budget to attain the goal, a company can easily hope to achieve success. In short rather than saying – The marketing expenses may amount to this much, one can say- We can meet the target and provide a certain value if we have the following resources.
2. Deciding on a strategy to ensure expansion of team along with operational expenditures
Any company aspiring for success in the current year of 2016 should devise on a strategy to focus on team development along with expenses for promotion of campaign and other operational expenditures. Understanding the difference between the two holds greater significance and a company should take efforts to clarify their value in various ways.
Expansion of team involves induction of more team members, upgrading existing members and installing or setting up of new technology inside the department.
Without blindly hiring a new team member, their induction must be validated with authentication by the growth in scale they are likely to contribute towards campaigns. The same strategy can be applied to improve the quality of lead generation through the implementation of video analytics software. But the expenditure that is likely to be incurred on both the induction and implementation of software has to be taken into account separately.
3. Distinguishing the campaign expenditure on lead generation and branding
When it comes to campaign expenditure, the need to distinguish between lead generation and branding becomes a necessity for most companies to achieve success. Branding is considered to be a key in the buying decisions of most buyers as the response from most of the companies who have exceeded their aim of profit have pin-pointed out branding to be responsible for the same. As branding tends to affect revenue significantly, assigning a certain amount of a company’s budget for branding makes sense.
Last but not the least, striking a perfect balance between lead generation and lead nurturing by finding the right formula for campaigning and staying proactive is the key to get the competitive edge and staying ahead of competitors.
Developing a successful lead generation budget though is essential for shielding the resources mainly if a company wants to focus on the growth of its team along with undertaking extra responsibilities for the growth of its organization and achieving success in lead generation strategies consistently.