Ah, the treacherous terrain of business to business (B2B) marketing budgeting, where countless dollars evaporate into the ether. Let us navigate the six most hazardous budgetary black holes:
Staffing to prop up low ROI programs - When the curtain should have fallen long ago for company’s that don’t understand the sunk cost fallacy.
These were all valuable marketing approaches to take a decade or more ago so the reason why people are still doing it isn’t ignorance because they did once work very well once. The real reason is complacency and or an inability to change tactics and ackknowedge that strategies have and must change. Many marketing maestros lament the lack of budgetary largesse, but the stark reality is:
How, you ask? By critically examining your marketing budget and programs, and making the arduous decision to jettison the deadweight.
The majority of B2B enterprises resist such choices, resulting in a smorgasbord of mediocre marketing programs that yield subpar results. Resources, budget, and focus are spread thin.