Who has the Bigger Budget?

Transcript

Hi there, it’s Peter Winnick. I’m the founder and CEO at Thought Leadership Leverage, and here’s the idea that I’d like to share with you today, and that’s this: Marketing budgets are far larger than training and development budgets. Great! Maybe that’s profound, maybe that’s not. Maybe you’re saying that’s fairly obvious, but let me go with this for a moment.

Typical training and development budget at a Fortune 1000 organization is somewhere between 1 to 2% of gross revenue, so it’s a big number but not a capital B big number. Marketing budgets at most organizations are somewhere in the 10 to 20% range. Now, think about that for a moment. Over the last two or three years as an author, as a thought leader, as an expert, what are the budgets you’re really going after? More often than not, if it’s not coming directly from the line, it’s capabilities development on the training and development side, so you’re going after that 1%. My question, my challenge to you is, okay, how do you take the same offerings that you have, the same solutions, or maybe some modified versions of the current solution set that you have, and make them something that is of interest to the marketing budgets?

What do marketing people care about? They care about driving interest, they care about keeping their clients and prospects engaged with the organization. So, the challenge is thinking about how you position your work so that a marketer in a Fortune 1000 company would go, “Hey, that’s interesting. I would fund that to achieve the following.” Right? Engage prospects, retain clients, whatever the case may be. Something to think about. Love to hear what your response to that is. Thank you.