Field marketing agency Credico UK is offering guidance to UK businesses, as a shocking study revealed the majority are unaware of where their marketing budget is being spent.
A survey of UK business leaders has uncovered that 1 in 3 don’t know where their marketing budget is being spent, and are even unsure whether their budget has increased or decreased over the last year. The research carried out by Marketingsignals.com also found that 1 in 5 leaders don’t even know which consumer demographic their campaigns are currently are targeting.
Credico UK believes this research displays a growing disconnect between business leaders and their marketing efforts, which must be rectified if their businesses are to remain sustainable in an increasingly uncertain future.
“CEOs, Founders and Directors have the vision and capacity to innovate, yet they lack time to study marketing data and stay up to speed with the latest trends and strategies. Understanding what consumers respond to is critical to brand development and growth; therefore, action needs to be taken to align business leaders with their marketing teams; providing them with clear, quick insights into marketing performance,” outlines a spokesperson from Credico UK.
The agency is confident direct, in-person marketing could help business leaders better understand their marketing practices and access the data they need to make strategic decisions.
This is because direct marketing is a highly transparent option, the firm claims, as companies only ever pay for the results generated. This allows campaigns to be built around any budget and makes tracking overall marketing spend a far more straightforward process.
“Direct and in-person marketing collects real-time data and relies on real conversations between brands and consumers; nothing more. For business leaders who already have multiple budgets and increasingly complex responsibilities to manage, integrating a simpler, yet effective marketing method that feeds back regular data could be the first step in regaining control over marketing expenditure and objectives,” states Credico UK.