Performance-based budgets and financial fluency: Your Marketing Week
At the end of every week, we look at the key stories, offering our view on what they mean for you and the industry. From tackling budget season to how Next determines its marketing spend, it’s been a busy week. Here is my take.
Real time budgeting, anyone?
Many marketers will bear the scars of a bruising budget season or two, especially in recent years. If budgets are afforded annually, then one of two scenarios may be likely. ‘Here is budget, here is your target, now knock yourself out and plan away’. Or, ‘Great plan, here’s half of what you’ll need to execute’. But for many more, the annual budget – whether generous, insufficient or punchy – is a thing of the past.
As Pernod Ricard CEO Alexandre Ricard recently told investors: “A one-time per year budget is no longer valid in today’s world.”
