What Marketers Are Thinking About As End of Financial Year Approaches

1. Reviewing Performance Against Goals

One of the primary tasks for marketers at this time of year is to assess how well their marketing strategies and campaigns have performed against the objectives set at the start of the fiscal year. This involves looking into metrics and key performance indicators (KPIs) such as lead generation, conversion rates, customer engagement levels, and overall ROI. Understanding what worked and what didn’t helps marketers refine their approaches and strategies for the coming year.

2. Budget Reconciliation and Allocation

Financial closure is not just about reviewing; it’s about accounting. Marketers need to ensure that all financials are reconciled – that means verifying that budgets were spent as planned. It is also about analyzing the cost-effectiveness of various marketing initiatives. Looking ahead, the allocation of next year’s budget is a major focus. Decisions need to be made on how to distribute funds across various channels and projects to maximize impact. This often involves negotiating with finance departments and making a case for the value brought by the marketing efforts.

3. Strategizing for the Next Fiscal Year

With insights from the past year’s performance and the upcoming year’s budget considerations, marketers begin developing their strategies for the fiscal year ahead. This could involve setting new goals, experimenting with new marketing channels, or doubling down on what has proven effective. Strategic planning sessions often revolve around aligning marketing objectives with the broader business goals. This goes into ensuring that the marketing department is fully equipped to support the company’s vision and growth targets.

4. Preparing for Regulatory Changes

End of the financial year is also a time when new laws and regulations can come into effect, impacting how marketers operate. Whether it’s data privacy laws, advertising standards, or new compliance requirements, marketers must stay ahead of the curve to ensure that their practices are not only effective but also legal. This often requires collaboration with legal and compliance teams to update or modify marketing practices and policies.

5. Technology and Tool Evaluations

Marketers also use the end of the fiscal year to review the technologies and tools they have employed throughout the year. Are there more efficient solutions available? Can artificial intelligence (AI) or automation bring more efficiencies? Investing in new tools or upgrading existing ones can be a significant part of the year-end discussions, especially if these decisions involve substantial budgetary implications.

6. Reflecting on Team Performance and Needs

Another critical area of focus is the marketing team itself. Marketers assess the performance, growth, and development needs of their teams. This could lead to decisions on hiring, training programs, or reassignments to better align skills and roles with the upcoming year’s marketing strategies. End-of-year is often a time for acknowledging accomplishments and setting professional development goals for team members.

The end of the fiscal year is not just a time for reflection but also a pivotal moment for thinking about the future and planning accordingly. For marketers, it’s a busy period filled with analyses, strategic decisions, and preparations for the future. Balancing the closure of one fiscal year while gearing up for another requires a keen understanding of both past outcomes and future potentials. As such, marketers are deeply involved in shaping not just the marketing strategy but potentially the direction of the business itself in the upcoming year.

Contact us to know how to maximise ROI with strategic marketing plans for the upcoming fiscal year.