MarketingSherpa Blog

When we ask marketers about their biggest challenges, budget issues are usually at or near the top. Ecommerce marketers say size of marketing budget is the biggest challenge to their companies’ ecommerce operations. B2B marketers say lack of resources in staffing, budgeting or time are the biggest barrier to overcoming their top challenges.

Everybody is challenged by the budget in some way.

So to give you a business leader’s perspective on key budget questions: What should you prioritize in your budget? How should you work with the rest of the organization? How do you get your key priorities approved?

I looked outside of the marketing-sphere and interviewed Stuart Benton, President and CEO, Bradford Soap.

Stuart has a unique perspective on budgeting, as he was formerly Bradford Soap’s CFO, and has a perspective on selling products as well from a previous stint as Director of Sales and Financial Operational Planning at Veryfine Products, a $250 million juice company (at the time).

To give you some context, Bradford Soaps is a 140-year-old, $100 million organization with 700 employees that develops and manufactures soap for Dove, Johnson & Johnson, L’Oreal, Tom’s of Maine, Dr. Bronner’s, and other brands.

“We make the majority of all the specialty bar soaps in America,” Stuart said.

Here are some tips from our conversation to keep in mind as you set your next budget…

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I’ve always felt that the aphorism about true wisdom being a byproduct of first admitting you don’t know everything to be accurate.

When I attended the ClickZ Live conference in Chicago last October, I got the chance to be exposed to some great new content. However, I felt one of the stories still being told was something I’ve been hearing on repeat since 2011. The story I’m talking about is that of mobile marketing and how it is the “wave of the future.”

We here at Sherpa have been preaching the shift in marketing budgets to mobile for years as well — just take a look back at this chart from last April.

Taking a look at some of the mobile channel data

I don’t think there’s any argument on where the industry is going anymore. That being said, I do feel that some of the most convincing data about focus on mobile is being under-utilized by marketers, or even worse, it’s being used by marketers to justify decisions that are not in the best interest of their business — decisions that will not show the best ROI and could be spent more effectively in other channels.

Working on partnerships in different industries over the past several years, I have seen both the good side and bad side of the mobile revolution, while making plenty of mistakes along the way. Seeing just how terrible mobile conversion rates can be compared to other channels is often disheartening.

It’s not enough to just say “mobile is the future.” We need something more actionable. Marketers admitting as an industry that we don’t know everything is the first step.

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