1. Know Your Budget
Establishing a budget is vital in developing your overall marketing strategy, as well as determining the number and type of marketing specialists to include on your team. Investing in marketing is one of the most effective ways to increase growth opportunities for your business.
Before considering your budget, you need to understand that marketing and sales are both extremely important to developing your business. When you combine the two, they’re nearly unstoppable. In fact, alignment between sales and marketing has been shown to increase marketing revenue by up to 208%, boost win rates by 38%, and lead to 36% better customer retention.
So how much should your business invest in MarCom to boost sales and promote growth? On average, newer companies typically spend more on marketing and advertising – usually 10-20% of their gross revenue – than more established companies, but those figures also vary widely by industry. Take a look at the graphic we’ve included showing marketing budgets by industry. This may give you a general idea of your budget, but factors unique to your business could cause your budget to fluctuate significantly.
Percentage of Annual Revenue Spent on Marketing by Industry
2. Identify Needs/Answer Questions
Before getting to work on your marketing team structure, you should identify your company’s unique needs and gather the information necessary to make strategic team-building decisions. Following are 12 questions to help you through this process.
- What size team do I need?
- Are my current team members performing at their full capacity?
- What is my strategy?
- What are the core skill sets of my current in-house team?
- What subject matter experts do I need to bring on in order to round out my team?
- How will this new role(s) benefit the team and the organization?
- Am I hiring for a long- or short-term need?
- What is my budget?
- What is my timeline?
- Does my organization have an education budget?
- Do I have a success map for each position on my team?
- Do I have the information I need to make an informed decision?
Answering some of these questions can be difficult, but it’s well worth the time and effort to help you assemble the most effective marketing team for your business. It may be helpful to seek strategic advice from an outside marketing partner such as BBR.
3. Build the Right Team: Outline Roles & Salaries
Our best advice when building a marketing team is to let your marketing strategy be your guide. Build a team around your primary strategy to acquire business and one that can supplement and support your sales efforts. Based on your identified needs, determine which roles need to be filled and how many additional team members you will need.
Keep in mind that a critical part of building a well-rounded team is setting a budget for salaries. To help in that regard, see the graphic below listing key roles for in-house marketing teams, along with their respective salary ranges.
Download Our Free Marketing Team Guide
If you have found these tips helpful, download our comprehensive guide: How to Build Your Perfect Marketing Team. You’ll find even more information on industry trends, expert advice from seasoned pros, questions to answer before making a new hire, and much more. With more than 25 years in the business, we can truly help you to build your dream team.
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