Businesses tend to have a varied attitude towards spending money, while some are happy to invest, some are a little more restrained and don’t want to spend too much on something that might not go to plan. It often depends on how risk-averse your C-suite directors are, and the trick is to do your best to convince them that it’s worth that risk. This tends to be harder when turning the C-suite’s attention to marketing, explaining to them the intricacies of what you’re going to do, how you’re going to do it and why it doesn’t always translate to time well spent. Some aren’t really interested in the how and the why, some just want to see the result and how guaranteed that result is.
Whatever the case may be, we’re going to look at some of the best ways to help your directors and C-suite buy into your marketing strategy, give you the budget that you need and support you with the task at hand.
What is C-suite buy-in?
For me, there are two types of buy-in from a high-level employee; monetary and belief. While both are important it’s much easier for you to obtain the budget that you need when you’ve got your managers running behind you and believing in what you can achieve. Otherwise, you’re kind of walking up to them and asking them for money to spend.
When a director or C-suite employee has belief in you and your strategy it means that they’re excited to see what comes of it, they can see the value in what you’re planning to do and they’d like to see it do well. It’s a level of trust and appreciation for your expertise while understanding that you’re going to need some form of support to achieve the return that you’re looking for. The type of return is for you to outline but we’ll get onto that shortly in a moment.
Monetary buy-in is pretty self-explanatory. For you to achieve certain goals you’re going to need to have money to spend on them. You may want to create a PR product to get the brand name out there in the press, you may want to advertise on TV or even get posters on buses. Whatever the case, you’re going to need some money to get your ideas off the ground.
How to get your director to buy into your marketing strategy
It’s a very common question in which the answer can be different for everyone. As mentioned previously, some people are more risk-averse than others and sometimes they’re unsure about how best to tackle this topic with their marketing team (and vice versa). So, I’ve tasked our marketing and sales team with the goal of putting together some useful tips on how best to get director buy-in without it sounding like a simple money grab.
The key hurdles to consider
Okay, so like any good strategist will tell you, you need to mitigate the problems you could face. This means that you need to anticipate the objections that your directors and C-suite team could have. Analysis of these objections means that you can not only get a better understanding of how your directors think but you can plan for these objections and help them understand why they are necessary risks that are worth taking. I thought I’d touch on the main 3 that are often run into when talking about marketing budget and strategy.
Revenue drivers
Some parts of your marketing mix are likely not to drive revenue or have a direct correlation with revenue which means that some people may see it as a waste of money. Without a clear return on investment (ROI) you’ll have to explain to them the benefits of these things in a little more detail. For example, digital PR doesn’t always have a clear path for ROI however, we as marketers, all know that it’s a great way to improve brand awareness and will in fact help to drive revenue to your business.
Big spenders
This one speaks to the directors who aren’t as happy to spend money when it’s not seen as a necessary cost. For example, if the business has good revenue and can sustain itself but it’s not growing you may suggest investing in Google Ads, the idea that you can spend some money on advertising and get a number of new enquiries or new clients quickly for fast growth. Now explaining that you need to spend money to advertise with Google Ads might mean that your directors are instantly concerned about the ROI and why they should consider it if they’re able to sustain the business with the money that is already coming in.
Negative experiences
So this one can be a hard hurdle to navigate at first, understanding that there may be a number of bad experiences with expanding a marketing mix is important. Your directors may have been stung with poor strategy before and they don’t want a repeat of that. An example of this might be that a team may have dropped a lot of money into Google Ads and returned very little. But they were allowed to continue until it became a problem for the business.
How best to overcome the issues and get the buy-in
I know there are a number of other hurdles to get over but the above are often the most common that we’ve come across. I wanted to give you a few ideas on how to overcome as many hurdles as possible and explain why these things often work well. Some of these we’ve used recently when helping marketing managers explain to their directors what it is that they need and why the directors should care about their marketing.
Constant communication
Effective communication is important for marketing teams seeking director or C-suite level buy-in for their strategies. Clear and persuasive communication bridges the gap between a marketing team’s vision and the executive team’s expectations which helps with the alignment of overall business objectives. It involves presenting data-driven insights, potential ROI, and a clear roadmap of proposed strategies in a manner that resonates with top-level management. For example, when pitching a new digital marketing strategy, a team could present a concise summary of market research, followed by a demonstration of how the strategy aligns with broader company goals such as increased market share or enhanced brand reputation. This approach not only showcases the marketing team’s expertise and preparedness but also addresses potential concerns of the C-suite, thereby facilitating informed decision-making. By adopting a language that emphasises strategic benefits and long-term value, marketing teams can effectively secure the endorsement and resources needed from their top executives. This form of communication is not just about conveying ideas; it’s about translating marketing objectives into actionable, strategic business outcomes.
Forecasts and projections
Getting directorial endorsement for marketing strategies hinges on showcasing the expected outcomes and impact through forecasts and projections. These concrete figures convert theoretical plans into measurable results, helping directors visualize how marketing efforts align with the company’s financial and strategic objectives.
To present these forecasts effectively, start with thorough market research and historical data, crafting realistic models that predict outcomes like enhanced customer engagement or sales growth. These models should link directly to the company’s key performance indicators. Utilise visual tools such as graphs and charts to simplify complex data, aiding in a clearer understanding of the projected growth and ROI.
Outlining potential risks and alternate strategies is really helpful, it shows a good grasp of the strategy’s wider implications but also prepares for varied market conditions. Presenting a balanced perspective with both optimistic and cautious projections builds trust and confidence in the directorate, leading to more informed and supportive decision-making.
Using FOMO
Leveraging the ‘Fear of Missing Out’ (FOMO) can be a powerful tactic for marketing teams to secure investment from directors and C-suite executives. FOMO taps into a sense of urgency and the risk of falling behind, which can be particularly persuasive in a competitive business environment.
To effectively use FOMO, marketing teams should start by presenting current market trends and emerging opportunities. Highlighting how competitors are already capitalizing on these trends can create a sense of urgency. For example, if competitors are gaining traction with a new digital marketing technique or platform, illustrate this with concrete data and case studies. Show how these competitors are not just succeeding but potentially taking market share or mindshare away from your company.
The key is to frame the investment in your marketing strategy as a crucial step to not just keep pace, but to outdo competitors. Stress that inaction or delayed action could result in missed opportunities and weakened market positioning. It’s not just about keeping up, but about seizing the chance to lead and innovate.
In this approach, it’s essential to balance the urgency with a clear, strategic plan. This demonstrates that while the need to act is immediate, the proposed strategy is thoughtful, well-considered, and likely to yield a significant return on investment.
Creating a bulletproof plan
Creating a bulletproof plan is essential for gaining C-suite support for a marketing strategy. Such a plan not only demonstrates a marketing team‘s preparedness but also builds confidence in their ability to deliver tangible results. It’s about presenting a comprehensive strategy that addresses every aspect, ensuring no detail is overlooked.
Key components of a bulletproof plan include:
- Clear Objectives: Outline specific, measurable, achievable, relevant, and time-bound (SMART) goals. This provides a clear roadmap for the strategy and a framework for measuring success.
- Thorough Market Analysis: Incorporate in-depth insights into customer demographics, market trends, competitor activities, and potential challenges. This ensures the strategy is tailored to leverage opportunities and mitigate risks effectively.
- Detailed Budget Allocation: Transparently explain how the budget will be allocated. Break down the costs for various initiatives and articulate the expected return on investment for each. This shows financial accountability and strategic allocation of resources.
- Risk Assessment: Identify potential challenges and present contingency plans. This demonstrates foresight and a proactive approach, qualities that resonate well with C-suite executives.
- Timeline with Milestones: Include a clear schedule for implementation with specific milestones. This helps track progress and aligns marketing activities with the broader business goals.
In essence, a bulletproof plan should be comprehensive, clear, and realistic. It needs to demonstrate how the marketing strategy aligns with the company’s overall vision and goals, and how it will contribute to the bottom line. By presenting a well-considered plan that covers objectives, market analysis, budgeting, risk management, and a timeline, marketing teams can significantly increase their chances of securing the necessary C-suite buy-in and resources. This level of preparation not only showcases the team’s expertise but also underscores their commitment to the company’s success.
Be realistic
Realism is key. Overstating projections, expecting excessive buy-in, or glossing over potential challenges can backfire, damaging credibility and trust. Directors and C-suite executives value transparency and well-grounded plans, not over-optimism.
Inflating figures may initially grab attention, but it sets unrealistic expectations. When actual results fail to match these inflated projections, it undermines confidence in the marketing team’s judgment and reliability. It’s better to present achievable targets based on solid data and reasonable assumptions. This approach not only builds trust but also allows for a more accurate measurement of success and areas for improvement.
Similarly, expecting too much buy-in right off the bat can be counterproductive. It’s important to understand the executive team’s perspective and constraints. Tailoring the pitch to align with their priorities and concerns is more effective than pushing for a broad, all-encompassing endorsement.
Finally, transparency about challenges and issues is crucial. Marketing strategies often encounter hurdles; acknowledging these upfront demonstrates a strategic mindset and readiness to tackle problems. It shows the C-suite that the team isn’t just optimistic but also realistic and prepared, which is essential for sustained support and trust.
To conclude
To wrap things up, navigating the intricacies of C-suite buy-in for marketing strategies isn’t just about bold ideas; it’s about understanding the mindset of your directors and communicating effectively. By anticipating objections, showcasing how competitors are moving forward, and building a detailed, realistic plan, you can turn scepticism into support. Remember, it’s not just about securing funds; it’s about earning trust and demonstrating your strategy’s value. With the right approach, you can transform your marketing vision into a compelling narrative that resonates at the highest level, setting the stage for both immediate impact and sustained growth.
