Financial Flexibility (no yoga experience needed)

The secrets to managing financial risk as a midsize marketer? Fiscal flexibility. 

Today, marketing budgets are generally more fungible than those of other departments. Not so long ago marketing budgets were dominated by traditional marketing channels expenses —TV, print, OOH—had longer planning horizons and contracts that were inflexible commitments. Now, with digital advertising, there are fewer media commitments that can’t be canceled with just a couple of weeks’ lead time. 

So even if the marketing budget is a hefty line item on the org budget, it can be cut as the year progresses and the financial forecast becomes clear. Conversely, if there is a channel that is delivering impressive ROI, you should invest beyond the original budget. 

Midsize companies especially have the burden and benefit of financial flexibility. A simple but essential piece of advice from Aspire Brands CMO/CSO Kim Fiel: "Be ready to adapt your scope to a changing reality. Know when you have to flex up or down.” 

Find a copy of Midsize here and learn how to navigate financial flexibility.