Infographic: Here's 5 Big Marketing Budget Mistakes to Avoid
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Here’s 5 Big Marketing Budget Mistakes to Avoid

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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.

Here's 5 Big Marketing Budget Mistakes to Avoid

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.

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Misc

Visualizing Two Decades of Reported Hate Crimes in the U.S.

Hate crimes across the U.S. have been on the rise since 2014. Here’s a look at the most common types of offenses over the years.

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Two Decades of Hate Crimes in the U.S.

Visualizing Two Decades of Reported Hate Crimes in the U.S.

Across the U.S., thousands of hate crimes are committed each year, with many different motivating biases.

In 2020 alone, more than 10,000 unique hate crime incidents were reported to the Federal Bureau of Investigation (FBI)—and it’s likely that thousands more were committed that didn’t get reported to law enforcement.

What are the most commonly reported motivating biases, and how have hate crime rates evolved over the years? This graphic uses data from the FBI to visualize two decades of reported hate crime incidents across America.

What is Considered a Hate Crime?

Before diving in, it’s important to determine what constitutes a hate crime.

According to the U.S. Department of Justice, a hate crime is a crime that’s “committed on the basis of the victim’s perceived or actual race, color, religion, national origin, sexual orientation, gender, gender identity, or disability.”

These types of crimes are a threat to society, as they have a broader impact on communities than other types of crimes do. This is because hate crimes can foster fear and intimidate large groups of people or marginalized communities, making them feel unwelcome, unsafe, or othered.

Hate Crimes on the Rise

Hate crimes have been rising across the U.S. in nearly every year since 2014. By 2020, reported crimes across America reached record-level highs not seen in over two decades.

YearNumber of Reported Incidents% Change (y-o-y)
2001973018.4%
20027485-23.1%
200375450.8%
200476851.9%
20057411-3.6%
200677154.1%
20077625-1.2%
200880395.4%
20096613-17.7%
201066330.3%
20116299-5.0%
201265944.7%
20136044-8.3%
20145599-7.4%
201558714.9%
201662766.9%
2017732116.7%
20187170-2.1%
2019789210.1%
20201029930.5%

And sadly, these figures are likely a vast undercount. Law enforcement submit this data to the FBI of their own volition, and in 2020, thousands of agencies did not submit their crime statistics.

Race-Related Hate Crimes are Most Common

Historically, the most reported hate crimes in the U.S. are related to race. In 2020, about 66% of incidents were motivated by discrimination against the victim’s race or ethnicity.

Type of BiasTotal Number of Crimes (2020)% of Total
Race/Ethnicity679366.0%
Religion162615.8%
Sexual Orientation131112.7%
Other5695.5%
Total10299--

While race is the most commonly reported hate crime, incidents related to gender and gender identity are on the rise—in 2020, there was a 9% increase in gender-related incidents, and a 34% increase in gender identity-related incidents, compared to 2019 figures.

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Science

Visualizing the Relationship Between Cancer and Lifespan

New research links mutation rates and lifespan. We visualize the data supporting this new framework for understanding cancer.

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Cancer and lifespan

A Newfound Link Between Cancer and Aging?

A new study in 2022 reveals a thought-provoking relationship between how long animals live and how quickly their genetic codes mutate.

Cancer is a product of time and mutations, and so researchers investigated its onset and impact within 16 unique mammals. A new perspective on DNA mutation broadens our understanding of aging and cancer development—and how we might be able to control it.

Mutations, Aging, and Cancer: A Primer

Cancer is the uncontrolled growth of cells. It is not a pathogen that infects the body, but a normal body process gone wrong.

Cells divide and multiply in our bodies all the time. Sometimes, during DNA replication, tiny mistakes (called mutations) appear randomly within the genetic code. Our bodies have mechanisms to correct these errors, and for much of our youth we remain strong and healthy as a result of these corrective measures.

However, these protections weaken as we age. Developing cancer becomes more likely as mutations slip past our defenses and continue to multiply. The longer we live, the more mutations we carry, and the likelihood of them manifesting into cancer increases.

A Biological Conundrum

Since mutations can occur randomly, biologists expect larger lifeforms (those with more cells) to have greater chances of developing cancer than smaller lifeforms.

Strangely, no association exists.

It is one of biology’s biggest mysteries as to why massive creatures like whales or elephants rarely seem to experience cancer. This is called Peto’s Paradox. Even stranger: some smaller creatures, like the naked mole rat, are completely resistant to cancer.

This phenomenon motivates researchers to look into the genetics of naked mole rats and whales. And while we’ve discovered that special genetic bonuses (like extra tumor-suppressing genes) benefit these creatures, a pattern for cancer rates across all other species is still poorly understood.

Cancer May Be Closely Associated with Lifespan

Researchers at the Wellcome Sanger Institute report the first study to look at how mutation rates compare with animal lifespans.

Mutation rates are simply the speed at which species beget mutations. Mammals with shorter lifespans have average mutation rates that are very fast. A mouse undergoes nearly 800 mutations in each of its four short years on Earth. Mammals with longer lifespans have average mutation rates that are much slower. In humans (average lifespan of roughly 84 years), it comes to fewer than 50 mutations per year.

The study also compares the number of mutations at time of death with other traits, like body mass and lifespan. For example, a giraffe has roughly 40,000 times more cells than a mouse. Or a human lives 90 times longer than a mouse. What surprised researchers was that the number of mutations at time of death differed only by a factor of three.

Such small differentiation suggests there may be a total number of mutations a species can collect before it dies. Since the mammals reached this number at different speeds, finding ways to control the rate of mutations may help stall cancer development, set back aging, and prolong life.

The Future of Cancer Research

The findings in this study ignite new questions for understanding cancer.

Confirming that mutation rate and lifespan are strongly correlated needs comparison to lifeforms beyond mammals, like fishes, birds, and even plants.

It will also be necessary to understand what factors control mutation rates. The answer to this likely lies within the complexities of DNA. Geneticists and oncologists are continuing to investigate genetic curiosities like tumor-suppressing genes and how they might impact mutation rates.

Aging is likely to be a confluence of many issues, like epigenetic changes or telomere shortening, but if mutations are involved then there may be hopes of slowing genetic damage—or even reversing it.

While just a first step, linking mutation rates to lifespan is a reframing of our understanding of cancer development, and it may open doors to new strategies and therapies for treating cancer or taming the number of health-related concerns that come with aging.

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