Why innovation deserves a place in your 2018 marketing budget

Marketing budgets are increasing and technology is the driving force behind it.

Webstrategies found that total marketing budgets are between 7-12% of total revenue in 2017. In 2018, the average firm is expected to increase their online marketing budget due to the popularity of the digital world.

Correct budget allocation is not always a recipe for success. 2017 Content Marketing Trends report recently published by Content Marketing Institute and MarketingProfs found that only 57% of companies’ content-based marketing strategy helped increase sales. Though content is important, 43% of companies are not seeing any impressive results.

Despite this, 50% of companies are planning to keep their budgets the same next year!

We have a better solution: Incorporating innovation into your marketing budget can revitalise sales results and efficiency.

How to make room for innovation

The most popular model used by innovative companies is the 70:20:10 model. This has been implemented by large corporations like Coca-cola and Google, but it can be adapted for smaller businesses.

In this model, your marketing budget allocates 70% to immediate business tasks and costs, 20% to expand on innovative ideas or revamping existing campaigns and 10% on developing brand new concepts/products.

These clear categories help make data collection at the end of the year extremely easy. You will be able to see which area has generated the highest ROI.

Success stories

The model is simple enough, but does it actually work?

Coca-cola allocates 20% of their budget to innovation. They argue that it is a critical expenditure in order to outdo the competition. If this 125 year old company had not been innovating over the past century, you can imagine its demise would have taken place a long time ago.

Coca-cola’s flexible marketing strategy and shift into the digital age has helped the company remain a leader of its industry.

Facebook are similarly combining new technology with their marketing strategy and the results have been impressive. The acquiring of Oculus Rift, a revolutionary VR headset, put Facebook at the forefront of technological innovation. Their social VR initiative is set to extend customer’s interaction with the site. Facebook is a billion dollar corporation for a reason, part of that is never shying away from new challenges.

We realise that not all companies have the resources to spend millions on the latest inventions. Instead of being innovative through creating a new product, you can improve existing processes in innovative ways.

Apps are a perfect addition to any marketing campaign. Whether it is report apps to measure your progress or sales demo apps to show off your services, Fliplet’s apps are improving marketing strategies.

Why innovate with apps?

1. They generate revenue

Money generated through downloads, advertising and mobile commerce is growing. By 2021, the UK app economy will be worth over £80bn! Apps also increase productivity with many companies experiencing a 40% rise. Marketers especially, are benefitting from the direct channel with their target audience and the low costs that platforms like Fliplet offer.

2. App popularity

App downloads are safely in the millions and their popularity does not seem to be slowing down. According to eMarketer, US consumers alone spend 86% of their time on their phones in apps rather than the web. Fliplet has particularly found an increase in app users on its platform.

3. Competitive advantage

In 2017 alone, US companies will spend $130bn on engineering platforms for mobile engagement. This kind of economical shift shows that many businesses believe apps are imperative to their strategy. Can you afford to be behind?

To find out more about the benefits of apps. Check out our article here

Why Fliplet apps?

Let’s say you want to allocate some of your 2018 budget to innovative methods like app building. Your resources are precious. Fliplet answers the most important concerns to combat potential obstacles and make sure your apps are a success.

  • You are not tech-savvy – Fliplet’s platform requires ZERO coding. It is designed for every department within a company not just IT.
  • You need IT approval – Our apps have all the latest security features and we are open source in case your IT department would like to code certain features. We also have a guide to make sure your apps gets a thumbs up from IT
  • You have limited time – Our apps can be built from scratch in as little as 15 minutes! Our clients tend to launch their fully functional apps in just 28 days. The low maintenance costs and simple-to-use software means that you do not have to spend ages asking a developer to alter your app once it is launched.
  • You have limited resources – Once you have bought the platform, you can make as many apps as you like with no extra cost. For multiple app builders, it is the most competitive platform out there. From event apps to report apps, we have all the templates ready.

If you would like a free demo of our app building services, click on the button below now!

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