Budget tracking & control
Budget tracking and control is one of the key aspects of any work we do. To reach the sales goals a brand owner will need to invest in their brand.
The level of this investment will depend largely on the life stage of the product, its current place in the market, the consumer need for the brand, competitor activity, and pricing, all of which will be considered at the strategy development stage and cascaded into the brand plan and investment budget and aligned to a timing plan.
The timing of investment is also an important factor for consideration. Sales generating activity will need to be planned, agreed and booked in with suppliers or retailers before the sales are generated. Cash flow will therefore be a key consideration in some projects. However, some activities need to work together to achieve the best result ie a two-month online video campaign to generate brand awareness in the target audience is often best paired with display and social media adverts to drive conversion. This would, for most brands use up a significant amount of the overall spend. It would be a significant investment that as good brand managers would want to make work as hard as possible. This might include tying in some in-store promotions such as shelf barkers to make the product stand out on the shelf or training the healthcare professionals in-store the week before so that they are ready to recommend your brand to customers.
Having a plan to show when the activity is and when the expenditure for those activities can be expected makes the cash flow more manageable and ensure that activities are planned and activated in good time to make the most of the potential to make the whole plan add up to more than the sum of its parts.
Crisis management
Over the years we have been invited into several businesses to help them manage a crisis or rebuild a business in the aftermath of a significant financial shock. This work has included reviving several ranges that were considered unsavable by their original owners, enabling them, through careful brand planning and very stringent investment control, to go on to become successful, profitable, and vibrant brands in the market again.
Our methodology in these situations is simple. A strategy is produced to achieve the goals of the organisation. Activity is pared back to the minimum, investment in any activity is scrutinised and the plan is monitored in detail. Once the business is financially stable then investment to drive it forwards can be planned and activated. This tight loop control has enabled many brands to revive under our watchful eye.
“Penny’s budget control and direction of the marketing department enabled the business to make a small but meaningful profit it is first year after being rescued from administration”.
CEO
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