Late last year, the Chartered Institute of Marketing (CIM) published their inaugural marketing confidence monitor. One of the key aspects was that marketers were confident that their organisation would grow in 2013. This growth would be accompanied by reduced resources, with 60% of marketers expecting increased company targets in the year ahead reporting that their marketing budgets will either remain static or be cut.
Probably the most startling finding from the monitor was that there was not a direct correlation between reduced marketing budgets and measurement, in fact the research showed the opposite trend.
It is fundamental that businesses ensure they effectively measure their activity and relate it to return on investment.
Market scoping is often overlooked in such scenarios but is a relatively low cost investment which alleviates the long term costs and damage from taking the wrong decision. Companies should not be constrained by assuming the marketing department understands their market, its size, key player, major strategic trends and opportunities. They should ask, it costs nothing!!
D&S Consultants provide a market scoping service for clients which is bespoke to the client and offers low cost solutions to fully understand your market.