5 Questions to Ask Before Setting Your 2020 Business Development Budget

As we are all aware, the U.S. economy has experienced an uptick in the last several years. As a result, more businesses have been building up their marketing and business development budgets while they have a bit more capital than usual.

However, without a clear strategy for allocating business development and marketing budgets, companies end up blindly spending their money on initiatives or channels that fall drastically short or don’t work. Competition today is fierce, and those businesses without a clear and winning strategy will get left behind. 

Therefore, it is more important than ever to ask and answer the following questions:

1. What is the Current Pulse of Business Development Programming?

In the marketing world, strategies and return on investment (ROI) rates for different methods, mediums, and channels are constantly changing. It is important to stay up-to-date on the marketing research specifics. 

Before investing in a specific marketing strategy or business development plan, you need to consider the following questions: 

• How fruitful is your ROI likely to be?
• Which channels are likely to be most successful for your business or market?
• Which ROIs will be scalable in the future?

2. How Do You Measure Up in Your Given Niche, Market, or Field?

It is imperative to know who the leaders are in your field and how your company stacks up against the competition.

For example, which companies have managed to remain relevant in the offline world? Take the time to learn about which trade shows, publications, and direct contact avenues have the potential to yield the highest sales and success rates for your business.

Conversely, when considering an online marketing investment, it is important to know how saturated the market is and how your business currently ranks within that market.

3. How Can You Compare Your Options to Make Data-Driven Decisions?

We have never had access to the marketing and business development data that we do today. How is your business leveraging it to strategize?

Consider where sales conversations are happening for a particular company and whether the most popular channels are available to your company’s potential customers. Does the company have an online Q&A or messaging option for consumers, or do they have to call a representative?

These factors can have a big impact on closing sales. If customers cannot quickly and easily get the answers they want from your company, then they will go elsewhere.

4. How Can EMDL Analyze Your Marketing and Business Development Performance?

Did you know that EMDL records complementary analytics intelligence videos for businesses that request them? These tools allow you and your team to see where your business currently ranks on the “totem pole” and also provide insights on the best ways to climb to the top.

This Is A Video For A Leading Design/Build Firm With 4 Showrooms

This Is An Analytics Review Video For A Car Wash Franchise

This Is A Video For A E-Commerce Site With A Sizable Marketing Budget

5. What Are the Key Elements to Marketing Success?

• Have Fun. If your team isn’t excited about your company, your clientele won’t be either.
• Stay Educated. Remember that old marketing data CAN BE obsolete. So, before you make any investment decisions, do your homework to ensure that you are looking at the most updated data on your market, industry, geographic area, etc.
• Goal-Get While the Getting is Good. No one knows how long this healthy economy will last. Take advantage of it while you can.

Allow EMDL to Lead You to a Better 2020

If you’d like an expert overview of where your business currently is in your market, where you could be, and the methods on how to best get there using the internet channel and technology as a whole, contact the team at EMDL today and have us film an Analytics Intelligence video.

Are you interested in having our team a complimentary video for you and your team? If so, click the “Get Video” button at the top of our website to hear from us instantly.