How to Evaluate a Marketing Opportunity

If you’re a brand marketer, you are more than likely inundated daily with sales pitches for various opportunities: advertising, MarTech software, creative services, sponsorships, product requests…the list goes on and on. How do you wade through all these opportunities and decide if they are right for your brand or business? Here are some general questions that we try to answer when evaluating marketing opportunities for our clients:

  1. Is there a business need? First and foremost, does your business need what this person is selling? For example, if they’re offering you CRM software, but yours is working efficiently and effectively, you may not have a need for a new one.
  2. Does the budget exist? Unlimited budgets only exist in the wildest marketers’ dreams. Requesting additional dollars would likely take something with tangible, trackable ROI in order to make a compelling case. And even then, it’s likely an uphill battle! Make sure it’s worth the waves you’re about to create.
  3. Does it support your current marketing objectives and strategies? Even the hottest new marketing tool doesn’t mean much if it doesn’t support your overall business strategy. Viral trends on TikTok are fun and all, but if your strategy is to reach men 50+, it’s probably not a good fit.
  4. Are there any intangibles to consider? So let’s say there is a business need, you have the budget and the opportunity in question supports your current marketing strategies. It may still not be a good idea for various intangible reasons that can vary on a case-by-case basis. For example, you may not want to associate your brand with the offering for political reasons, or you don’t have the increased bandwidth that it would take to support the opportunity. Use your best judgment when it comes to qualitative or intangible assessments.

It is a good idea to find data, case studies, screenshots, testimonials or other supporting information to leverage when answering the above questions. If there isn’t data available, as may be the case with a brand-new technology or platform, you have the choice to either wait until data is available or take a risk. This investigative work could also bring to light any “too-good-to-be-true” scenarios.

There are likely many more industry-specific or business-specific questions that you could add to this list; but the questions above are the building blocks for a more thorough analysis that touches the specifics of your business.

Pro tip: If you develop a scoring methodology or rubric against which to measure the above questions, it will be easy to compare opportunities against one another and keep track of them for future reference!