Maximising your marketing budget
As the recruitment industry grows, the number of tools available is also increasing. The challenge is that the nature of current market conditions in the UK means that budgets are being scrutinised more aggressively, meaning that marketers are more concerned than ever about their budgets being cut. However, it is important to remember that, in this new era of globalisation, UK businesses compete not just domestically but also internationally. A recent study by Gartner highlights that in the US marketing budgets are expanding, now constituting 12% of overall revenue. A UK business that cuts back on marketing now risks losing its own market to international competitors. With that in mind, what are the practical steps one can take to maximise one’s marketing budget?
Firstly, clarify responsibilities. What is marketing currently responsible for, compared to what
Secondly, what are your priorities? What is marketing tasked with achieving? Traffic for your website? Social media traction? Requests from clients for proposals? In order to efficiently allocate resources,
Thirdly, what are the opportunities? What are the new solutions emerging that historically have not been available? When you analyse your competitors, where are they investing their marketing spend and what do you see them repeatedly doing that you are not doing? With regard to your existing suppliers, how often do you fully evaluate their offers against other solutions? Could you be getting better results with the same budget by just improving procurement? For example, while changing
With all this you can analyse what ROI are you being tasked with and whether that is even realistic: in order to achieve what is being mandated, you may need to increase
Also, if a tool has multiple functions, can you split the budget? With Vacancy Tracker, as it has the benefits of not being only a lead-generation tool but also a way to manage client activity, quite often operational budget is allocated. The rise of internal recruiters means that they typically will be posting jobs directly onto their ATS before briefing PSL agencies, and internal hiring managers are briefed not to talk to the agencies. This means that when agency recruiters call to