Dad, Can I Borrow $20?
When you were a teenager, how often did you ask good-ole Dad for money? You’d borrow $20, go out with friends to see a movie or go shopping, spend every last dime and look forward to doing it all again the next week…. Those were the days, right? Well, it seems that some marketers loved it so much that they are managing their email programs with the same mentality. While living in the present and begging for money to fund each and every need was generally the accepted behavior of a teenager, corporate executives don’t enjoy playing the role of “good-ole Dad.” Nowadays, it literally pays to do a bit of planning before you ask for more funding. Consider these alternate tactics to get incremental monies for your program:
- Fake It First: When asking for major money to fund a project, the fear of the unknown (is this really going to work?) sometimes prevents support of the initiative. By taking a methodical approach of testing the new strategy in a small group, results can be measured and forecasted across a larger implementation. This gives solid metric-based data that can be used to influence a positive decision.
- Broadcast Success: Communicate the good performance of your program. Know how other programs in your division compare, and use the numbers in your favor. Don’t be shy to ask to shift money from an underperforming program into a more successful one (yours!).
- Partner with Manufacturers: Many companies, especially retailers, have key manufacturer relationships. Leverage those strategic partnerships to your financial advantage by offering a co-branded campaign, for example, that is beneficial to both of you. The manufacturer would provide the funding, and you both would recognize the incremental branding and revenue of a successful effort.
Although the year is halfway over, and in many cases, budgets are already strained, don’t just put your hand out, hoping “Dad” will give you more money. Use strategic forethought to provide data-driven requests that can’t be ignored, and you will successfully secure those sought-after incremental monies for your program!
About Bonnie Malone
Bonnie is passionate about excellent customer experience. With a background in marketing, merchandise buying, and retail management, she helps companies stay relevant amid the changing digital landscape. Bonnie leads the knowledge and consulting teams at Return Path, the global leader in email deliverability. She is an active Email Experience Council committee member, featured speaker for events, and writes monthly for the Return Path blog and TotalRetail.