Moran Enterprises: Defining a Marketing Budget, The Clock is Ticking

There’s meaning and value in everything we encounter in our daily lives. In fact, if you fail to find meaning in the simplest and most commonplace of things, then I encourage you to look beyond what you see. I encourage you to see things from a different perspective.

A recent article on BusinessWeek expressed some interesting ideas about Marketing and whether there’s such a thing as a marketing budget. Like Big Foot and The Lochness Monster, some believe a marketing budget exists and some don’t. What captured my attention the most from this particular contribution was perhaps this excerpt below:

There’s no single answer. Marketing budgets can cover a variety of different functions, and can vary widely based on a host of factors. The truth is, nobody—not even the most sophisticated marketers in the biggest corporations in the world—can say in an absolute, objective sense how much their marketing budget should be. The best they can do is evaluate their spending relative to revenue, competitors, historical results, economic conditions, and imperfect measures of return on investment, and go from there.

-Steve McKee, Contributor – BusinessWeek

The entrepreneurial spirit is alive and well at Moran Enterprises today. Perhaps it’s the holiday season and the joyous moments we share with our colleagues and families. Perhaps it’s because it’s Thursday. Regardless, I thought I’d take a tremendous risk and attempt to define a marketing budget for Moran Enterprises.

Bear with me here, I may trip and fall. But I can assure you, I will rise again.

Truth of the matter is that there is no objectively valid answer or definition that defines a marketing budget of an organization. But that may be due to our current view; that a marketing budget is money and not something else. Something more valuable than money.

The author of the article makes a good point. But I believe everyone participating in the discussion may be looking at a marketing budget the wrong way. We’re thinking about budget in terms of money and financials, but a marketing budget is not money, it is time.

The time I speak of is the time spent researching demographics, targeting specific audiences, planning, executing, managing, and collaborating on various internal and external projects. Ever heard a fellow colleague utter these words: “I wish I had more time to do this” or “the day just isn’t long enough”.

Time is every company’s marketing budget. It is the most valuable resource we have at our disposal. It must be used effectively and efficiently to drive marketing and other organizational efforts. An 8-hour work day is your marketing budget. You have 8 hours to devise creative means to reach target audiences and to provide the best and most professional services to your audiences. Every second, every minute, and every hour is valuable. Each minute not spent on organizational efforts is money not well spent, money wasted.

Our lead Financial Officer and Managing Director Victor Moran once spoke about a specific project stating: “That one project ended up costing me $120,000”. I was not sure what he specifically meant until I realized (upon further discussion with Victor) that he was not only talking about money, but more importantly, talking about time. I realized that time can calculate money spent or used and money can equally calculate time spent and used.

Time translates to money. Time transitions to financials, to income, to revenue, to profits, and to success. We had spent so much time on that particular project that the return on investment had not been what we had expected.

In other words, we did not use our marketing budget, our time, strategically and effectively. In fact, we went over the budget, way over.

As you build your own definition for your company’s marketing budget, I encourage you to think about something more valuable than money. Time is more valuable than money. Time is the marketing budget we have at our company every single day we step through our doors. Let’s not go over our budget, let’s use our time better.

Author: Rey Oliva

Blog article in response to “Admit It: You Have No Marketing Budget” by Steve McKee

5 Tips to Prepare for 2014

Written By: Priscilla C. Arteaga  –  Business Analyst
 

 

 

 

As the year comes to an end, in between holidays many offices experience down time. This time however is not necessarily a bad thing. During this slower paced week, preparation is of utmost importance.  Therefore, we recommend the following 5 tips to Begin the New Year on a strong note:

  1.  Thrust into the New Year by identifying non-perishable supplies for this year to purchase and safeguard against price increases (paper, stamps; etc.), while making the most out of your department’s budget.
  2. Communicate new procedures and/or any changes that could have an impact on your organization’s stakeholders. Employees, clients, as well as community members are keen to learn what the New Year will bring.
  3. Do a little bit of house cleaning. We’re not talking brooms or cleaning agents, rather records management. We suggest to organize all records and files so that key personnel can easily locate pertinent information, as 2014 may begin with auditing for your organization.
  4. Speaking of records management, today’s business intellectual capital is mostly produced and maintained on PC’S, desktops, laptops and other mobile devices. Although convenient, these engines can become susceptible to data breach. Backing up all information (on either cloud services or hardware such as a terabyte), reorganizing your virtual files, and cleaning out old files can be time consuming but absolutely necessary to move forward.
  5. Set professional New Year’s resolutions. Besides your personal goals of traveling abroad or losing those extra 10 pounds;  take a few steps back to strategically plan your professional course of action for the coming months by setting reachable goals for yourself and your team. Successful implementation of that plan will foster a more positive and productive work environment.

Moran Enterprises looks forward to expanding our reach in the global community and continue to impact people’s lives by helping businesses, organizations, municipalities, and individuals reach their potential through our portfolio of services in engineering, construction management, security services and management consulting.

 

For a comprehensive list of our services and lines of expertise, please click here. 
For more information contact Myles Evans at 281.893.1987 | mylesevans@moranenterprises.com

Power of E-mail Communication

Myles
Author: Myles Evans

 

When interacting with stakeholders, in a professional environment, we must constantly remind ourselves that this piece of communication can have major implications for organizations and in some cases even have legal ramifications.  E-mail communication, although routine, can become a difficult and precise art. As management consultants that assist small to mid-size businesses with strategic business practices, we encourage the following Five Key E-mail Etiquette Tips:

Choose the Subject:
Using words like: Free, Meet, Click, Urgent, Important, etc.; usually elicit an action from the reader that is generally incompatible with the purpose of the message.  Strategize your subject line to summarize the overall objective of your message.

Choose the right greeting:
We all wish to be respectful when greeting someone through e-mail. While it is common to utilize labels (i.e. Mr., Mrs., Dr., etc.); using the wrong label could throw off the communication. Therefore we recommend using their first name (i.e. Hello Mark/Hi Susan). This greeting is interchangeable depending on your audience and the nature of the relationship.

Keep the message brief
:
Structure the content in such a matter that the reader quickly identifies the purpose of the message.  Although the e-mail should be brief, accepted abbreviations used in social media are not appropriate (i.e. U, R, 2), nor the usage of capitalized lettering to reinforce a point of thought (i.e. ATTENTION).
Keep the Interaction Alive:
E-mail is your means of communication, but it should not be your only form of interaction to develop relationships. How you portray yourself in an e-mail, should mimic who you are as a person. Think about your next interaction with your audience based on your e-mail message.
Choose the Right Closing:
The way you conclude a message can have a major impact on your audience. Choosing from the following options can be the difference between how your message is perceived and acknowledged:
  • Sincerely: Unless you’re writing a letter or making a formal announcement, then the usage of sincerely is sincerely outdated.
  • Thanks / Many Thanks / Thank you for your time: Give your audience a sense of appreciation for being receptive of your message.
  • Regards/Best/ Kind Regards: Unless you know the audience on an intimate personal or professional level, we do not encourage using these closing statements.

To view full article on the Houston Business Journal or to subscribe to their publications click here.

Moran Enterprises, Inc. offers executive coaching, succession planning, management consulting, and an array of business advisory services. For more information, contact Myles Evans at:

281.893.1987 | mylesevans@moranenterprises.com

The Moran Difference

At Moran we offer a different kind of service. We are honest, flexible, adaptable, aware, and we strongly believe in having outstanding communication.

Moran Enterprises, Inc. is an investment and management consulting firm. We are made up of a diverse group of individuals dedicated to a common goal: serving a purpose greater than ourselves. Each member of our organization brings a unique career history, ranging from academia, public service, and business. With our knowledge, we deliver first class results to our clients with unmatched customer service.

If your company could benefit from any of our services, contact us here.