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Happy Holidays! Too soon? It might feel like we’re always rushing through the end of the year, but as marketers, that’s sometimes necessary. The end of the holiday season usually means a few things concerning a company’s marketing budget—it’s been spent already and it’s time to start planning for the upcoming year.
It might seem like a daunting task, but properly organizing a marketing budget becomes much easier when it’s planned ahead of time. Here are a few tips on how to focus and spend the right way.
Ready to start throwing that cash around? Control the urge to spend until the new marketing budget is set. How well did the company do last year? Are there any budgeting adjustments to be made? It’s important to take a look at how much there is to spend and how much should be spent on certain ventures.
Create a realistic marketing budget before taking the next step. Leaving a little wiggle room is perfectly fine, but make sure to set boundaries. This will help increase the chances of crafting a successful plan.
Sometimes businesses have to spend money to make money…and they might not make it back right away. This often causes novice marketers to make costly budgeting mistakes. Spending a budget correctly isn’t an exact science, so it’s important to think of certain strategies as an investment. Remember that it might take some time to see results, but it’s necessary to lay down the groundwork first.
Being impulsive will not help a company spend their marketing budget the right way. Pin down solid marketing goals and figure out what it will take to achieve them.
Thinking small? Just because you have a limited budget doesn’t mean there’s not much a company can do. Keep in mind that in only the past two years, digital marketing has grown significantly. Email has grown the most in effectiveness since 2012 from 44% to 58% and online ads have leapt from 49% to 59%. Social media has also proven to be a successful, budget-friendly, avenue for marketers.
In addition to a well-planned social media strategy, further digital strategies will help keep cost down. Consider online advertisements, press releases, email marketing, and content marketing. These marketing options can yield great results and also keep a business from breaking the bank. Factor them in when planning the yearly marketing budget.
Have some funds to make a bigger investment? Many companies with a little extra money to spare have the opportunity to factor in radio and television advertisements, as well as larger print ads, as part of their marketing budget. These options could will help a company reach a wider audience and bring in more business. Make sure to leave room open for related expenses, like attending trade shows, marketing research, and hiring experts for additional projects.
Ultimately, you need to get away from “short-term” thinking when it comes to spending your marketing budget and focus on what channels will work best for achieving your goals. There’s no such thing as a one-size-fits-all marketing strategy, so take some time to adjust you plan depending on your company’s needs.