Like any other business department, the marketing team is often assigned limited resources to do its function.
As a result, it ultimately ends up being a numbers game: did the marketing team generate sufficient ROI with the restricted amount of money they had? And if you could re-allocate those resources in a particular way, could they have gotten the company more bang for the buck?
The Devil is in the Detail
While maximizing a budget for ROI seems like a straightforward concept, the devil is all in the detail. In the marketing world, ROI is a subjective term – no one agrees what it means, how to measure it, how to develop a strategic plan around it, or what tactics to use. Not surprisingly, it’s within these fuzzy parameters that most marketing decisions and mistakes can be found.
Today’s infographic from MDG Advertising dives deep into marketing budgeting, and it outlines some of the most common mistakes that even seasoned marketers make.
Marketing is one of the most fluid business functions, and things are always changing.
The emergence of social media and influencer marketing in recent years is a testament to how dynamic the trade is – and it makes maximizing the value of a marketing budget a perennial challenge for entrepreneurs and seasoned execs alike.
Marketing Budget Mistakes to Avoid
With that in mind, here are five common marketing budget mistakes you can avoid.
1. Starting with bad data
Marketing already relies on hunches and intuition to some extent – so when bad data is driving the rest of the decisions, it’s a recipe for disaster. There are two simultaneous problems here to consider: (1) Data is inaccurate, and (2) Marketers are often measuring the wrong data to begin with.
It’s impossible to plan for the future without better understanding the present.
2. Failing to loop in Sales
Ultimately, the purpose of marketing is to drive sales. Oddly enough, many marketers get wrapped up in the details of their tactics and forget about this key outcome.
It’s absolutely essential for marketing to coordinate with other departments, but no department is more important than the sales team. Managers also need to make sure incentives align accordingly.
3. Not doubling down on what works
This seems obvious, but it’s often missed by marketers for all sorts of reasons, including cognitive biases.
Ryan Holiday, the author and media strategist that has worked with people like Tony Robbins and Tim Ferriss, says that not “doubling down” or going “all-in” on a tactic that works is a huge mistake. If something is working, put more money towards that channel until the returns notch down.
4. Underestimating the speed of change
There’s no doubt that the marketing world changes fast, and becoming complacent can lead to failure. Testing new mediums, channels, and tactics must be done to stay current, and not allocating time and resources to this is one of the biggest marketing budget mistakes made by companies.
5. Evaluating efforts too little and too late
In the digital world, it’s extremely easy to test new ideas or campaigns through A/B testing and other simple means. Because of this, all ideas should be tested, adjusted, and re-tested at the micro-level on a real-time basis. Infrequent or inadequate testing can lead to missing out on ideas, techniques, and channels that could have proven useful or even essential.
The Best Selling Vehicles in America, By State
From Fords in the Midwest to Toyotas on the coasts, here are the best selling vehicles in America, visualized by state.
The Best Selling Vehicles in America, By State
From Ford trucks in the Midwest to Toyotas on the coasts, the best selling vehicles in America reveal a lot about the country.
Compared to other countries with fewer highways or narrower roads, the U.S. is very much a truck-friendly country. Across the U.S., the most sold vehicle in 2019 was the Ford F-Series of trucks, primarily the F-150.
As the home of the world’s pioneer automotive manufacturers, including Ford and GM, consumers primarily purchase local brands. But that hasn’t stopped Toyota, the largest foreign manufacturer in the world, from also gaining a foothold.
This graphic uses 2020 sales data from automotive information resource Edmunds.com, breaking down the best selling vehicles in each state through new vehicle retail registration.
What Are the Best Selling Vehicles in Each State?
Despite a slowdown in vehicle sales due to the COVID-19 pandemic and a global chip shortage, Americans still bought plenty of trucks last year.
In fact, 48 out of the 50 states had a truck or SUV as the top selling vehicle in 2020—and most states actually had trucks taking all of the top three spots. The only two with a car topping the leaderboard were California and Florida.
|Top Selling Vehicle By State (2020)||#1||#2||#3|
|Alabama||Ford F-Series||Chevrolet Silverado||Toyota Camry|
|Alaska||Ram 1500-3500||Ford F-Series||Chevrolet Silverado|
|Arizona||Ram 1500-3500||Ford F-Series||Chevrolet Silverado|
|Arkansas||Ram 1500-3500||Ford F-Series||Chevrolet Silverado|
|California||Honda Civic||Toyota RAV4||Toyota Camry|
|Colorado||Ford F-Series||Ram 1500-3500||Toyota RAV4|
|Connecticut||Honda CR-V||Toyota RAV4||Subaru Forester|
|D.C.||Toyota RAV4||Honda CR-V||Subaru Forester|
|Delaware||Ford F-Series||Chevrolet Silverado||RAM 1500-3500|
|Florida||Toyota Corolla||Ford F-Series||Toyota RAV4|
|Georgia||Ford F-Series||Chevrolet Silverado||RAM 1500-3500|
|Hawaii||Toyota Tacoma||Toyota 4Runner||Toyota RAV4|
|Idaho||Ford F-Series||RAM 1500-3500||Chevrolet Silverado|
|Illinois||Ford F-Series||Honda CR-V||Chevrolet Silverado|
|Indiana||Chevrolet Silverado||Ford F-Series||Chevrolet Equinox|
|Iowa||Chevrolet Silverado||Ford F-Series||RAM 1500-3500|
|Kansas||Ford F-Series||Chevrolet Silverado||RAM 1500-3500|
|Kentucky||Chevrolet Silverado||Ford F-Series||RAM 1500-3500|
|Louisiana||Ford F-Series||Chevrolet Silverado||RAM 1500-3500|
|Maine||Ford F-Series||Chevrolet Silverado||RAM 1500-3500|
|Maryland||Toyota RAV4||Ford F-Series||Honda CR-V|
|Massachusetts||Toyota RAV4||Honda CR-V||Ford F-Series|
|Michigan||Ford F-Series||Chevrolet Equinox||RAM 1500-3500|
|Minnesota||Chevrolet Silverado||Ford F-Series||RAM 1500-3500|
|Mississippi||Ford F-Series||Chevrolet Silverado||RAM 1500-3500|
|Missouri||Ford F-Series||Chevrolet Silverado||RAM 1500-3500|
|Montana||Ford F-Series||RAM 1500-3500||Chevrolet Silverado|
|Nebraska||Ford F-Series||Chevrolet Silverado||RAM 1500-3500|
|Nevada||Ram 1500-3500||Ford F-Series||Toyota RAV4|
|New Hampshire||Ford F-Series||Chevrolet Silverado||Toyota RAV4|
|New Jersey||Honda CR-V||Honda Civic||Toyota RAV4|
|New Mexico||Ford F-Series||RAM 1500-3500||Chevrolet Silverado|
|New York||Honda CR-V||Toyota RAV4||Jeep Cherokee|
|North Carolina||Ford F-Series||Chevrolet Silverado||RAM 1500-3500|
|North Dakota||Ford F-Series||Chevrolet Silverado||RAM 1500-3500|
|Ohio||Ford F-Series||RAM 1500-3500||Chevrolet Silverado|
|Oklahoma||Ford F-Series||RAM 1500-3500||Chevrolet Silverado|
|Oregon||Toyota RAV4||Ford F-Series||RAM 1500-3500|
|Pennsylvania||Ford F-Series||RAM 1500-3500||Honda CR-V|
|Puerto Rico||Toyota RAV4||Toyota Yaris||Toyota Corolla|
|Rhode Island||Toyota RAV4||Honda CR-V||Ford F-Series|
|South Carolina||Ford F-Series||Chevrolet Silverado||RAM 1500-3500|
|South Dakota||Ford F-Series||RAM 1500-3500||Chevrolet Silverado|
|Tennessee||Ford F-Series||Chevrolet Silverado||RAM 1500-3500|
|Texas||Ford F-Series||Chevrolet Silverado||RAM 1500-3500|
|Utah||Ford F-Series||RAM 1500-3500||Chevrolet Silverado|
|Vermont||Ford F-Series||Toyota RAV4||RAM 1500-3500|
|Virginia||Ford F-Series||Toyota RAV4||Honda CR-V|
|Washington||Toyota RAV4||Ford F-Series||Ram 1500-3500|
|West Virginia||Ford F-Series||Chevrolet Silverado||Ram 1500-3500|
|Wisconsin||Ford F-Series||Chevrolet Silverado||Ram 1500-3500|
|Wyoming||Ram 1500-3500||Ford F-Series||Chevrolet Silverado|
The Ford F-Series was the clear leader in sales, primarily in the Midwest. With a top-selling spot in 60% of U.S. states, the F-Series was the best selling vehicle in America.
Combined with the Chevrolet Silverado and Ram 1500-3500 series, the big three American truck brands accounted for 73% of the top three selling vehicles across all American states and territories.
Japanese Automakers in the Mix
Though American manufacturers had the best selling cars in most states, they had some overseas competition.
Japanese manufacturers Toyota and Honda had the top-selling vehicle in 11 states (and D.C.). They primarily captured car sales along the coastlines, including in California, Florida, New York and Washington, some of the most populated states in the country.
|America's Best Selling Vehicles (2020)||Type||# Times in Top 3|
Despite many cars being available for sale in the U.S., only seven manufacturers made the top-selling vehicles list in 2020.
With the full effects of the COVID-19 pandemic yet to be reflected in the sales, and electric vehicle manufacturers like Tesla on the rise, how will the best selling vehicles in America evolve?
Mapping The Biggest Companies By Market Cap in 60 Countries
Tech, finance or energy giant? We mapped the biggest companies by market cap and industry.
The Biggest Companies By Market Cap in 60 Countries
Tech giants are increasingly making up more of the Fortune 500, but the world’s biggest companies by market cap aren’t so cut and dry.
Despite accounting for the largest market caps worldwide—with trillion-dollar companies like Apple and contenders including Tencent and Samsung—tech wealth is largely concentrated in just a handful of countries.
So what are the biggest companies in each country? We mapped the largest company by market cap across 60 countries in August 2021 using market data from CompaniesMarketCap, TradingView, and MarketScreener.
What are the Largest Companies in the World?
The world has 60+ stock exchanges, and each one has a top company. We looked at the largest local company, since many of the world’s largest firms trade on multiple exchanges, and converted market cap to USD.
|Country||Company||Industry||Market Cap (August 2021)|
|Saudi Arabia||Saudi Aramco||Energy||$1.9T|
|Belgium||Anheuser-Busch Inbev||Consumer Staples||$122.7B|
|Indonesia||Bank Cental Asia||Financials||$54.8B|
|Philippines||SM Investments||Consumer Cyclical||$22.9B|
|Kuwait||Kuwait Finance House||Financials||$21.9B|
|Czech Republic||ÄŒEZ Group||Energy||$15.8B|
|Poland||PKO Bank Polski||Financials||$12.6B|
|Bahrain||Ahli United Bank||Financials||$8.6B|
|Egypt||Commercial International Bank||Financials||$5.9B|
Many are former monopolies or massive conglomerates that have grown in the public space, such as South Africa’s Naspers and India’s Reliance Industries.
Others are local subsidiaries of foreign corporations, including Mexico’s Walmex, Chile’s Enel and Turkey’s QNB Finansbank.
But even more noticeable is the economic discrepancy. Apple and Saudi Aramco are worth trillions of dollars, while the smallest companies we tracked—including Panama’s Copa Group and Oman’s Bank Muscat—are worth less than $5 billion.
Finance and Tech Dominate The Biggest Companies By Market Cap
Across the board, the largest companies were able to accumulate wealth and value.
Some are newer to the top thanks to recent success. Canada’s Shopify has become one of the world’s largest e-commerce providers, and the UK’s AstraZeneca developed one of the world’s COVID-19 vaccines.
But the reality is most companies here are old guards that grew on existing resources, or in the case of banks, accumulated wealth.
|Industry||Biggest Companies by Country|
Banks were the most commonly found at the top of each country’s stock market. Closely behind were oil and gas giants, mining companies, and former state-owned corporations that drove most of a country’s wealth generation.
But as more economies develop and catch up to Western economies (where tech is dominant), newer innovative companies will likely put up a fight for each country’s top company crown.
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