Your marketing department is focused on making sure your brand stands out. That means finding a variety of opportunities for brand representation.
Your marketing department is focused on making sure your brand stands out to consumers. That means finding a variety of opportunities for brand representation, which may range from social media conversations to influencer marketing. Sometimes these opportunities become a bit more creative than what the rest of the organization had in mind — and more expensive. When your marketing team submits a plan for a sponsored event, such as unique signage (like blimps) or an investment in influencer marketing, it's up to the financial team to determine whether or not the ROI is really there.
While each marketing campaign should be unique and specific to your brand, it's critical to evaluate the risk versus the reward.
The Risks of Unique Brand Representation
The first thing you are likely concerned with is how risky the marketing project is going to be. This can depend on a few factors, all of which should be recorded before approval.
When a department compiles a budget for a project it focuses on the new resources needed for success. While this is all well and good, don't forget to take into consideration how much your workforce's attention might be diverted.
For example, if your marketing team wants to host a sponsored event for consumers, there will probably be many costs for the venue, catering, swag and so forth. Make sure to consider how much of a distraction this could be for the rest of your staff. Consider: Will key executives be giving keynotes or speeches? If the event runs into the evening, that means not only will those individuals need to prepare their speeches and be distracted during the event but you'll need to factor in realistic recovery time.
Keep in mind that creating a realistic, thorough budget might convince you that every marketing project is a horrible idea. Make sure to follow the next steps to see if your project, like so many unique brand representation opportunities, offers an incredible return on investment.
The second big risk in stepping outside of "normal" branding efforts is whether or not it might cause a public relations problem. It's critical that not only the marketing team consider this, but also the executive team and any public relations professionals your organization relies upon.
Are there any scenarios in which the project could turn into a problem? Is there wording that may be misconstrued? By focusing on these issues early on, you may end up saving your organization thousands of dollars by avoiding public upset or a disgruntled customer base.
Your organization can avoid most of these complications by ensuring that the project is in line with your overall strategic marketing plan. For example, as a recent TechTarget article explains, the most common issues with projects like events are generally caused when those involved in hosting deviate from the plan or get so caught up in details they lose sight of the big picture.
Benefits of Being Unique
Risks accounted for, investing in unique branding opportunities can have incredible ROI. Your finance team should be looking at the marketing team's projections for attendance and engagement, and consider how many of those people might turn into new customers or decide to purchase again.
The reality is that consumer attention is becoming a scarce commodity as each person is barraged with more information from brands than ever before. In fact, according to the American Marketing Association, consumers are exposed to over 10,000 brand messages a day. Increasingly, if you want to be heard over the noise, you'll need to shout.
While this is a situation that's impacting both B2C and B2B brands, the consumer-facing companies are leading the charge. CMO.com's roundup of branding stunts includes fantastical events like Red Bull's collaboration with Felix Baumgartner for the longest jump. Sales for the brand grew by 7 percent — a number any organization would love to see. Several B2B brands have created out-of-this-world experiences for consumers and benefited greatly from their efforts.
When considering a proposal for a unique marketing campaign or event, it is important to ensure that your organization can support the risks. But also remember, being loud is a great way to earn a large increase in sales very quickly.
Stay up-to-date on the latest human capital management insights for finance leaders: subscribe to our monthly e-newsletter.
SIGN UP FOR THE BOOST NEWSLETTER