As the end of the financial year draws near, marketing leaders have a valuable opportunity to maximise the impact of their remaining digital marketing budget for FY23. In this blog post, we share a few easy tactics to optimise your marketing budget and use marketing technology to drive real impact into your FY24 Marketing KPIs. Let’s dive in!
Tactic 1: Ensure your marketing technology stack is collecting data in ways that allow you to analyse and make effective decisions quickly:
To kickstart FY24 with data-driven decision-making, consider investing your marketing budget in optimising your analytics stack. If you haven’t already, upgrading to Google Analytics 4 is imperative as Universal Analytics will be deprecated on July 1st. Google Analytics 4 is a robust platform that offers improved insights and reporting capabilities for marketers. Allocating some funds towards training and dashboarding services can ensure your team is ready to measure FY24 Marketing KPIs and to make data-driven decisions from the start of the new Financial Year.
Tactic 2: Use privacy-first solutions that will reduce the impacts of third party cookie deprecation:
With the evolving landscape of privacy regulations and the phasing out of third-party cookies, investing in a privacy-first strategy is crucial. Why not schedule a complimentary first-party data strategy workshop with XPON, where you can establish a solid foundation for privacy-conscious first-party data collection and utilisation in FY24. Additionally, consider using a portion of your remaining budget to pilot a Customer Data Platform (CDP) like Wondaris©. With a CDP pilot, your teams can start to trial centralising and activating your customer data in a matter of clicks. By focusing your remaining budget on privacy-first marketing technology solutions, you’ll lay the groundwork for a successful and responsible marketing approach in FY24.
Tactic 3: Explore Return on Ad Spend (ROAS) impacts of programmatic-first advertising:
Allocate a portion of your remaining marketing budget towards investing in new rich digital media types and channels to explore whether you can better target your audience and drive efficiencies for your FY24 Marketing KPIs. Secure a Google Marketing Platform seat to leverage its powerful programmatic advertising capabilities and trial new media types such as Broadcaster Video on Demand (BVOD) or Digital Out of Home (DOOH). By using your remaining budget to pilot these new digital media types and channels, you can lay the foundation for enhanced campaign performance and ROI in FY24.
Tactic 4: Explore AI enhancements for audience targeting and campaign predictability:
New and exciting Artificial Intelligence (AI) use cases become available every week. Consider allocating a portion of your remaining budget towards exploring AI-powered solutions for activities that will directly impact FY24 Marketing KPIs, such as audience segmentation and campaign predictability. Invest in Wondaris© and Google Cloud’s advanced analytics capabilities, including propensity modelling and churn prediction, to gain deeper insights into your audience, create targeted campaigns, and predict customer behaviours with greater accuracy.
Conclusion
As the closing month of FY23 approaches, you have the opportunity to test and learn new ideas, while making every dollar count towards FY24 Marketing KPIs. By focusing on enhancing your analytics capabilities, strengthening your privacy-first approach, embracing programmatic-first advertising, and harnessing the power of AI, you can set the stage for a successful and innovative marketing strategy in the upcoming fiscal year. To further explore how you can implement trials of any of the above ideas within June FY23, please book a discovery call with our team here.