Woman budgeting for the new year

Planning Your 2022 Marketing Budget? Consider This…

As we look forward to 2022 and start planning out our marketing strategy and budget allocation, it’s hard not to reflect on how the last few years have impacted our teams’ priorities. For most, the pandemic challenged us to learn how to do more with less and ruthlessly show how marketing investments bring tangible business value.

In the new year, despite expectations that budgets will return to pre-pandemic levels, a survey from Gartner actually found that CMOs will likely continue operating on reduced budgets. With this in mind, it's important to continually showcase the value that marketing brings to core business objectives throughout 2022 to ensure your marketing budget isn’t reallocated elsewhere.

Understand Where Your Priorities Lie

According to How Priorities Differ in Lowest vs. Highest Marketing Budgets, published by Gartner, individuals responsible for budget and resource management need to consider how to:

  • Prioritize marketing activities that are connected to positive financial outcomes,
  • Ensure there’s sufficient budget to execute and measure paid media, and
  • Provide flexibility to test and optimize various campaigns and channels.

While you might feel a connection between what Gartner is suggesting and your own team's mission for 2022, a lot of what you’ll be able to accomplish comes down to how effective your marketing operations are flowing. This was another lesson of the pandemic — the marketing team as a whole needs to be able to run as independently as possible.

Start With the Foundation 

In order to secure your marketing budget for the new year, it is important for your team to maximize efficiencies and make the most out of every marketing dollar spent. If you want to be able to test, optimize and switch ads on a dime, increase brand awareness, and prove positive ROI, you can’t do it alone—you’ll need the right foundation enabled by technology. When evaluating the productivity and efficiency components of your technology stack, it might be time to consider how digital asset management plays a leading role.  
 
A digital asset management system (DAM) helps companies manage, organize, share, and distribute their digital assets all from within one central library. It improves the productivity and efficiency of marketing teams while increasing the ROI of content and creative programs. By implementing a DAM, your marketing team will be able to:

  1. Simplify Workflows: In order pivot and reprioritize quickly, your team needs to be enabled to generate campaign assets at a moment’s notice. A DAM makes it easier to produce content at scale, providing seamless access to the content you need without requesting it from others (or spending hours searching in your server). With artificial intelligence, keywords and advanced search capabilities, a DAM helps simplify your workflows and allows you to focus on objectives that lead to business outcomes.

  2. Increase Brand Consistency: In today’s cluttered marketplace, brands need to stand out and draw people in. A DAM helps you accomplish exactly that by providing one central location to house all your brand assets, including logos, images, website icons, fonts, videos, and more. By giving users access to the assets they need to represent your brand, you’re able to create complete alignment across your entire organization, ensuring a consistent message is being shared across all initiatives and channels.

  3. Optimize Asset Re-Use: No department can afford to waste an opportunity to maximize their profit, but unfortunately, that’s exactly what happens when teams are left to their own devices. As a solution to this problem, a DAM ensures that assets can easily be found, modified, and redeployed on different platforms to increase the ROI and longevity of your beautiful creatives.

Using a DAM as the foundation of your marketing technology stack allows teams to move faster and with greater confidence. Learn more about how a scalable martech stack starts with a solid DAM foundation.

Get Creative in Funding Your Technology Stack

We’re marketers so we’re naturally creative – right? Now maybe the time to truly shine. Here are 3 different ways you can get your DAM initiative funded if you’re short on budget.

Purchase on the Azure Marketplace

If your organization is already working with several Microsoft solutions (Microsoft 365, SharePoint, Azure, etc.) there’s a good chance that your IT team has an existing purchase commitment with Microsoft. With that in mind, MediaValet is available for purchase on the Azure Marketplace, allowing organizations to cover 100% of their MediaValet subscription fees with an existing Microsoft Azure Consumption Commitment (MACC) benefit.

Purchasing through the Azure Marketplace offers several benefits that ultimately help smooth out your buying process. It allows you to:  

  1. Take full advantage of an existing benefit that will expire if not used,
  2. Purchase a DAM without increasing budget requirements, and
  3. Boost buying power to help make the procurement of a new DAM solution easier.

Alternatively, if your organization doesn’t use a MACC benefit, you can still leverage the Azure Marketplace using a pay-as-you-go account or simply, a credit card. Learn more about purchasing through Microsoft Marketplaces here.

Join forces with other departments

There are often adjacent departments and teams who are also experiencing pain points that could be alleviated with a DAM. Your mission is to find those teams and consider how you might be able to share the cost. Remember, MediaValet’s unlimited users and user groups allow you to easily rollout the DAM to your entire organization, without increasing the cost—A very common solution for many organizations.

Purchasing a DAM with other departments in mind offers several benefits. It allows you to:

  1. Divide the cost among multiple departments,
  2. Increase purchasing power with multiple use cases and benefits, and
  3. Improve ROI with cross-organizational buy-in.

Here are some teams that get additional value from a DAM.

Reduce the scope of the project

It’s natural to go into any foundational purchase with a grand vision of what the final destination will look like. But, with a big vision, often comes a big price tag – one that can be more challenging to get approved. Many organizations mitigate this challenge by taking a “crawl, walk, run” approach to their DAM implementation, starting small and expanding over time. Consider how you can reduce the scope of your initial project to decrease the price tag in the short term and then set milestones for the future.

Purchasing your DAM this way offers several benefits. It allows you to: 

  1. Shorten your time-to-value with a simplified implementation plan,
  2. Reduce spend on add-ons and integrations in the short-term, and
  3. Showcase the ROI of the DAM before taking additional steps towards your ideal state.

Learn more about the crawl, walk, run approach.

Start 2022 on the Right Foot

In today’s complex business environment, it’s important to consider how your foundation could impact your ability to meet your 2022 strategy. You can’t boil the ocean in one night, but you can make incremental changes to greatly improve your odds. Learn more about why a DAM is an important tool to take with you into 2022.

MediaValet is a leader in cloud-based digital asset management that helps organizations manage, organize and share their digital assets, improving productivity and increasing ROI. See MediaValet in action today.