Getting Stakeholder Buy-In with Evidence-Based Marketing

How to solve a problem like marketing? It’s a story as common as unwanted gifts at Christmas; marketing sits firmly lower than sales, finance and logistics in the budget queue. Sales, finance, and operations seem directly connected to the day-to-day running of the business, while marketing often feels vaguer. Marketing is something we ‘should do’ but can’t quite prove. And it’s the first budget to be sacrificed when things get tight or quarter 4 is looking slow.

Some may think marketers have mystical powers to instantly triple business performance in a single LinkedIn post. Others think it’s just spin. But the real reason marketing plans routinely struggle to excite decision-makers? It’s not because they’re bad plans, but because they lack the commercial credibility that stakeholders demand. The good news is, it’s fixable with econometrics.

Today we’re focusing on how to get better and consistent backing for your marketing plans with evidence-based measurements.

The practical problems

Marketing is seen as less transactional than other departments like sales and logistics. Stakeholders always prefer tangible and predictable outcomes. Because marketing has been historically harder to quantify, marketing budgets are typically harder won. And there’s a long-held belief that stopping or reducing marketing for a few months won’t hurt sales. Of course, this thinking focuses on the short-term and ignores the long-term damage.

But times, they are a-changing. There are tools in the marketer's toolbox to help clarify results, measure performance and identify patterns. Helping us all make more informed marketing decisions.

Facts over fiction

Evidence-based measurement changes everything. Instead of approaching stakeholders with gut feelings or emotional appeals, you can present facts. Financial performance, analysis and projections of different marketing scenarios. This switches your discussions from subjective challenges into reasonable, logical arguments, which are hard to refute.

Econometric modelling (or marketing mix modelling) gathers hard data on sales or other KPIs. It analyses all the marketing activity you’ve undertaken (accounting for external factors like seasonality, markets, and competitor activity) and quantifies how many sales were driven by your marketing. All the evidence you need.

Creating commercially credible marketing plans

Use econometric evidence to build stakeholder confidence by proving your past successes. Insights from past ROI along with econometric modelling will always help show the potential of future investments and inform decision-making.

Without proper data, marketers sometimes rely on emotion and over play their impact. We know marketing typically drives 5-25% of short to medium-term sales, so be sceptical of any claims higher than this. But independent econometric analysis removes any emotions, so you can make a truly commercial decision, free from wishful thinking or creative bias.

This independence will also help you identify and tackle any assumptions or uncertainty. Econometric modelling can prepare you for those sticky questions or scenarios. It’s like A-B testing the full alphabet without ever going to market. If the budget holders have doubts, you can reassure them you’ve considered everything and plumped for the best route.

Even when Quarter 4 rolls around and financial reviews are looming, you have robust data to back up your reasoning. And help you keep potentially damaging budget cuts at bay. With econometric data, you can directly link investment to outcomes. That TV campaign? It drove £5m in incremental sales. That social media burst? It drove £1m of additional sales.

By translating your marketing activity into boardroom-friendly facts, you’ll build the confidence you need to secure funding, deliver your plans and maybe even grow your future budget.

How to present marketing plans for stakeholder buy-in

Keep things clear. You may have stacks of evidence at your fingertips with econometrics, but focus on the nuggets of information your decision-makers are looking for. Sometimes less is more.

Appeal to your audience. If they’re more visual, share a graph. If they love the granular detail of a spreadsheet, share that. A mixture is best as you’re unlikely to please everyone with just one approach. But link everything to your business goals and £££. Money talks!

Lay the foundation. Suss out any preconceptions or potential pitfalls with those who have the power to say yes. Are they impressed with credible econometrics? Are they sceptical of the hype? Are they convinced that sunshine drives sales? Are they fixated on one particular KPI? Soothe their fears or challenge their suspicions head-on. Consider one-to-one or smaller chats to test the waters, then tailor your presentation and cover those points in your ‘big’ meeting.

Learn from the past. The future will always look very much like the past. If your previous marketing results show a 7% short-to-medium-term sales increase, a claim of 23% is likely to be laughed out of the room.

Simulate success. We find simulations bring evidence-based modelling to life for board members or steering groups. Sharing a modelled plan with tangible financial outcomes over the next financial year resonates well with senior stakeholders.

Address business goals. Marketing plans should meet your KPIs and overall business goals, so make that clear in your presentation. If shorter term sales are a focus, show how you’ve incorporated that. If brand authority is a longer-term priority, share how you’re addressing that. If there are goals more important to senior stakeholders, tap into that.

Be honest. Highlight both the strengths and weaknesses of performance and any plans. Most decision-makers are pragmatic, and you won’t win any points for ignoring bad news or spiky questions. Econometrics is a powerful tool, but it’s only part of a marketer's workshop, not a silver bullet.

Continuous rigorous measurement for marketing confidence

Stakeholder confidence takes time to build and needs protecting. Sometimes it’s a journey from ‘no’ and ‘not yet’, through ‘yes, but’, to ‘of course’!

Once you’ve secured a budget and senior-level backing, you’ve got to deliver. The strategy is sound, the creative is brilliant. And with integrated evidence-based measurement, you can keep an eye on performance. Monitor and share your progress, and manage expectations. You have the evidence to back you up and increase confidence levels.

Equally if business goals change, or budgets are threatened, you can model different options to show whether it’s better sticking with the original plan or adapting. Again, it’s less about gut feel and more about rational and informed plans. Trust the evidence.

Stakeholder buy-in checklist

• Gather your evidence.
• Model different options for the best opportunity.
• Engage early.
• Tailor your presentation.
• Talk their language.
• Be clear about requests and expectations.
• Link to business goals.
• Show your working.
• Be honest.
• Keep monitoring.
• Plan. Do. Review.

Rigorous, thorough, brilliant

Getting stakeholder buy-in isn’t about better storytelling or snazzy slides. It’s about building commercially credible, evidence-based plans they can trust. When you can show the financial impact of marketing investment with rigorous data, they pay attention.

Econometric modelling gives you the evidence to make better plans, anticipate challenges, and demonstrate ROI before you spend a penny. It makes marketing a valid and quantifiable strategic investment that senior leaders understand and support.

MetaMetrics can help you build an evidence-based marketing plan to wow your stakeholders. Our modelling connects the dots between multiple media channels, campaigns and business outcomes. We’ll give you definitive figures to ensure your marketing strategy works for the business and then prove it’s performing at its best.