Marketing

Getting the Most Out of Your Marketing Budget

Posted by on April 1st, 2016 in Marketing

Without Marketing, most businesses wouldn’t survive. But Marketing costs money. Do you know where your money is going? Do you know what it’s being used on?

“If you fail to plan, you plan to fail.”

You might be starting fresh, as the new marketing director, or maybe you just need a complete overhaul and reevaluate your strategy. Things are changing so often, what might have been important ten years ago might not be needing the same amount of attention now.

“You have to spend money, to make money.”

Why is it important to have a budget?

Whether it is a monthly or yearly budget, you need to know where your money is going and that it is being spent wisely. It is a guide to ensure that you stay on target with estimated costs vs the actual costs. A marketing budget will include all of the prices you expect to pay for each type of advertising you do. Setting a marketing budget will enable you to make better and more informed decisions on what to spend, where and why. It outlines your target audience, your goals, and your strategies to reach those goals. It shows your strengths, weaknesses, and opportunities. It will give you a greater ability to make continuous improvements while still anticipating any problems or issues that may come up.

There are so many activities the budget can be used for:

  • Advertising
  • PR
  • Sales Promotions
  • Website
  • Online Marketing
  • Cold Calling
  • Branding
  • Merchandise
  • Sponsorship

Get to the point. Everyone is pressured for time, so use it wisely.

Customers are thinking these 4 things:

  1. What are you offering
  2. What can it do for me?
  3. How much is it?
  4. How soon can I have it?

Today the Internet is one of the first places people go to for information, so you want to make sure they are finding you! Invest in your website. It is a direct reflection on your business. If you care about your website, you care about your business. Make it fresh, up to date, modern, and easy to navigate. Take advantage of things like social media, e-mail marketing and banner advertising. Everyone utilizes Social media to some extent. Take time to develop thoughtful social content while engaging your audience. Search engine optimization is an easy way help you identify the best keywords for your website. Adwords are fully customizable to target specific markets and demographics and offer specific services or products. Track your results. You can measure most marketing activities, so study the statistics and make decisions based on the results.

Figure out strengths and weaknesses. What has done the most for your business so far? What other promotions can be used? Change what isn’t working. Focus on the things that will make your business the most visible. Everything you do should provide a return on investment. Your ROI always needs to link back to actual sales.

Review, Revise, Reflect.

Marketing isn’t about perfection, it’s about improvement. Review activity quarterly to assess what is working and what isn’t so you can refine and tweak where necessary.

Marketing is a fundamental aspect to the growth and profitability to any business. So, if you haven’t already, think about your marketing plans today. With a clear direction and some simple budgeting and planning, you’ll find it much easier to implement a successful strategy and get closer to your business goals.