Transforming Marketing Spend into Business Growth

Mar 22, 2024 | Listen

Transforming Marketing Spend into Business Growth

When times are tough, many businesses think about cutting their marketing spend. It’s a knee-jerk reaction to tighten the belt, reduce expenses, conserve resources, and weather the storm. 

However, what may appear as a prudent cost-saving measure in the short term could break down the very foundation of sustained growth and long-term success for your business. 

Marketing isn’t just about spreading the word about your products or services; it’s a strategic tool that can push your business forward and directly impact its growth and success. 

How? 

By applying smart marketing strategies and optimizing your spend. 

But what does that look like exactly? 

How can you make it happen in your business? 

What do you need to do to make sure that every dollar you use for marketing delivers measurable results and drives sustainable growth.?

Sean Doyle: Insights on effective marketing spend

In today’s episode, our guest Sean Doyle sheds light on effective marketing spend, particularly its direct influence on your business finances. He shares his unique insights on optimizing resources for business growth as well as finding ways to use marketing to get to customers who are nearer to cash.



Timestamps for this week’s episode

02:37 The impact of marketing on financial performance

10:00 The “speed to cash” mindset

13:04 Marketing as a business tool, not just an art/creative/communication tool

30:50 One actionable step to take to fine-tune your marketing

31:22 Centricity: Putting the buyer at the center of everything a company does

“Marketing should be about control. If you’re seeing marketing as a tool to control your business, then you’re using it properly. If you see it as a way to communicate outbound messaging, that’s not an incorrect use…but you’re not using the lever of the business tools that you could have.” – Sean Doyle


The impact of marketing on financial performance

Marketing can significantly impact financial performance by directly influencing cash flow, revenue growth, and profitability.  

A well-executed marketing strategy can boost your sales, expand your customer base, and even help push your high-margin products or services. All of these activities will lead to increasing the value of your business. 

This is why it’s vital that marketing teams align all their efforts, spending, and activities with the financial goals of the business and use marketing strategically to maximize returns and ensure long-term success.

Marketing should have a direct impact on cash flow. So when your marketing strategies can directly affect cash flow by accelerating the sales process or condensing the pipeline, that's an impactful thing that every CFO, every finance person should get a hold of and enjoy.

The “speed to cash” mindset

The “speed to cash” mindset in marketing is when you prioritize strategies and actions that will bring immediate revenue. This involves implementing a “selling backward” approach, where marketing efforts focus on customer segments closest to “cash” (in your hand) – or closest to making purchases. 

By analyzing trends and data, and collaborating closely with sales, businesses can identify these lucrative opportunities. And once you do, focus your marketing efforts there for quicker cash flow. This can be an extremely results-oriented approach but it will boost your financial returns and the overall financial health of your business.

“Sell backward. Work and look at the data. Analyze and work with sales and identify the target groups that are as close to cash as possible and start marketing there.” – Sean Doyle

Marketing as a business tool, not just a creative or communications tool

This framework emphasizes starting with the customer and working inward, ensuring that every 

Marketing isn’t just about fancy ads or catchy slogans—it’s a powerful business tool that can drive real results. 

While it involves brand communication, logos, design, and creatives, it’s also about using smart business tactics to achieve your goals.  So yes, definitely use marketing to build long-term brand value but it should also be the #1 tool you use to boost your finances.  Whether it’s strengthening your brand presence or driving immediate revenue, effective marketing strategies will really make the difference in your business.

"Nobody wants marketing. Everybody wants the results of marketing. If you buy marketing, you get marketing. If you buy the results of marketing, then you're pointing toward a different thing."

Being customer-centric: putting the buyer at the center of everything a company does

Customer centricity is when you put your buyer in every aspect of your business operations. 

You prioritize their needs and involve everyone in making sure they get exactly what they want and need. And when you align sales, marketing, customer service, and technology around your customers,  your team will collaborate and innovate better and customers will ultimately notice. 

“We call it Centricity, which really is nothing more complicated than a statement that buyers have to be at the center of everything you do.” –  Sean Doyle

One actionable step to take to fine-tune your marketing

Align your marketing strategies with your buyer’s needs.

To help with this process, download Sean Doyle’s Centricity framework for free so you can start prioritizing the buyer in every aspect of your business, fostering better collaboration and ultimately driving growth.

Summary

  • Marketing drives financial performance through cash flow, revenue, and profitability, and requires alignment with business goals for success.

  • A “speed to cash” mindset in marketing targets immediate revenue, focusing on lucrative customer segments for quicker returns.

  • Marketing is a critical business tool beyond creativity, boosting brand value and financial returns for overall success.

  • Centricity is when business wraps around buyers, prioritizing their needs in all operations for enhanced collaboration and customer experience.

  • Fine-tune marketing by aligning strategies with buyer needs using Sean Doyle’s Centricity framework for growth.

Transcript

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About guest – Sean Doyle

Author, Speaker, and Advisor

FitzMartin Inc

Sean M. Doyle is the principal at FitzMartin Inc, a leading consultancy focused on sales marketing and management, sales and marketing technology services and revenue operations for B2B companies. Sean and his team at FitzMartin are focused on long-term value creation through a sales-first, scientific approach to driving revenue. 

Sean knows that the split personality of marketing is inhibiting growth aspirations. Budget and impact conversations often become contentious: revenue operation marketers tout their ability to drive sales while brand builders argue for longer-term brand investments. The executive team thinks both struggle to demonstrate the near-term value. 

It is for this reason that Sean’s team believes a thoughtful and data-driven full-funnel marketing strategy can drive significant value.  

Sean’s latest book, Shift, explores 19 practical ideas, grounded in the science of behavioral change, that can transform a business’s marketing efforts and, by natural extension, its profitability. 

A native Pennsylvanian who’s put down deep Southern roots, Sean is a man of family and faith who strives to be a selfless leader. On weekends, you’ll find him out fishing local streams and teaching the art of fly fishing to anyone who wants to tag along.

Website: https://seanmdoyle.com/

https://fitzmartin.com/

LinkedIn: https://www.linkedin.com/company/fitzmartin/

Facebook: https://www.facebook.com/fitzmartinmarketing/

Twitter: https://twitter.com/FitzMartinb2b

Email: sean@fitzmartin.com

Author of Shift: 19 Practical, Business-Driven Ideas for an Executive in Charge of Marketing but Not Trained for the Task by Sean Doyle

https://www.amazon.com/Shift-Practical-Business-Driven-Executive-Marketing/dp/1605440574


About host – Kathy Svetina

Kathy Svetina is a Fractional CFO for growing small businesses with $10M+ in annual revenue.

Clients hire her when they’re unsure about what’s going on in their finances, are stressed out by making financial decisions, or need to structure their finances to keep up with their growth.

She solves their nagging money mysteries and builds a financial structure with a tailored financial strategy. That way they can grow in a financially healthy and sustainable way.

Kathy is based in Chicago, IL and works with clients all over the US.

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