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Budgeting Your Online Marketing? Stop Trying to Predict the Future
Photo credit: Lulu Vision
Many businesses spend their time each fall trying to predict the future. They’re diving deep into historical data and trying to overlay that onto their expectations for next year. How many customers will purchase from us again? Which channels require a larger presence? What larger economic factors must we account for? And so on. This process didn’t just exist for annual budgeting, however. The very nature of old media marketing dictated this exercise as much as internal budgeting needs. Old media depends on predicting the future — and largely explains the limited lifespan of the modern CMO. Does this need to be the case? I’d suggest not. And here’s why.
