Are you worried that your executives will continue to overspend on marketing if you don’t take immediate action? Does this habit continue to hold your company back?

It’s important that you have a solid understanding of every dollar that travels into and out of your company.

There is no denying the fact that sales and marketing is the lifeblood of almost every business. Without this, you’ll find it a challenge to maintain your momentum and continue on a positive trajectory.

But here’s the problem: some executives feel that spending more is the only way to achieve better results.

This simply isn’t the case, and it’s your job to show them why.

Here are three things you can do to train your executives to not overspend on marketing:

1. Make Them Track and Discuss ROI

Here’s something to think about: only 21 percent of business to business companies are successful at tracking ROI as it relates to their content marketing strategy.

Adding to this, 15 percent of people say that they don’t track content marketing ROI at all.

If your executives are among this group, you need to bring them back down to earth. It’s imperative that they realize the importance of tracking ROI as it pertains to every marketing tactic.

2. Show Them What’s Working

Did you know that 55 percent of people watch videos online every day?

This doesn’t necessarily mean that video marketing will work for your company, but it’s definitely something to consider. And that’s just one example of a marketing technique that could generate better results.

The moral of the story is this: you need to show your executives what’s working in today’s day and age. If they continue to spend time and money on the wrong marketing tasks, such as those that worked in the past, you can’t expect to reach your goals and achieve a positive ROI.

A lot of this comes down to your industry. For example, a wedding photography business may not take the same approach as a software company. And there’s nothing wrong with that. As long as you are able to show your team what’s working and what isn’t, based on your industry, you can make progress.

3. Don’t Get too Far Ahead of Yourself

Teach your executives that it’s never a good idea to bite off more than they can chew.

As mentioned by CreditRepair, there are things you should do on social media and things you need to avoid. This goes to show that you need to be selective about the steps you take, as there is only so much time in the day. 

You don’t want to push forward with so many marketing tasks that you are unable to devote the necessary time and attention to each one.

Sit down with your executives to make a list of the many ideas you want to experiment with. From there, start with a slow and steady approach to get a clear idea of what is and isn’t working.

One of the biggest mistakes a company can make is spreading itself thin in regards to its marketing strategy. You may be tempted to experiment with everything in a condensed period of time, but this can lead to overspending and underachieving.

Monitor Everything

It’s important to train your executives on how to avoid overspending on marketing. But even if you talk about this one day after the next, you’ll never really know what’s going on until you implement a system for monitoring each and every move that’s made. 

This doesn’t mean you have to micromanage your team. It simply means you should monitor everything from a distance to ensure that the results match up with your spending and ROI.

It may not appear to be a big deal at first, but overspending on marketing can drag your entire company down.

If your executives continue to bury money into marketing tactics that don’t generate positive results, you need to pull back on them just a bit.

There are steps you can take to train these employees to make better decisions in the future. By doing this, everyone will come out a winner in the end.

Have you ever run into issues with overspending on marketing in the past? How did you deal with this? What steps have you implemented to avoid the same in the future? Share your thoughts in the comment section below.