A marketing budget can read as a statement of your business' priorities
The more forethought and planning you put into it, the more effective it will be for helping you to reach your business goals.
Your business will be presented with plenty of ways to spend your money on marketing.
Having a solid strategy in place focuses you to spend only on the marketing channels that align with your business goals and target audience, saving you from misspent resources and ensuring the greatest return on your investment.
How do you determine how to spend your marketing budget? These techniques will set you on the right path.
1. Set an overall spending plan
Zeroing in on your overall marketing budget is an important annual step to take, and a necessary one before developing a strategy for how to spend.
Definitely look at prior year spending, but be careful not to rely too heavily on the past to inform your current budget. Each year should be considered for its own unique goals and opportunities.
Simply pulling forward past practices could cause you to miss out on new marketing opportunities.
Your goals for sales and growth are the key to setting an overall marketing budget. Is this a year to expand into a new market? Is there an opportunity for substantial growth within your current market? Are you planning for a steady year-over-year pace?
Design your spending plan so it supports your growth expectations.
2. Determine where your target market spends its time
Take a fresh look at the marketing opportunities available to your business. These are the primary areas to consider:
- Print and broadcast media
- Pay-per-click and remarketing digital techniques
- Social media advertising
- Special events
- Content marketing
Rather than trying to cover all of these marketing channels, your best ROI will be realized by applying an understanding of who your target audience is, and what their media consumption and purchasing habits are.
Let this exercise guide how you treat each of the marketing channels mentioned above. Where does your audience tend to spend its time?
- Social media is a reliable place to find prospective clients. Are your clients on Instagram? LinkedIn? Twitter or Facebook? point your resources toward consistent, relevant posting on the appropriate platforms.
- Your customers are likely searching the web for questions that you can help answer. Establish yourself online as a knowledgeable source by blogging as part of a robust content marketing campaign.
- Want to rate higher in search results? Consider developing a digital advertising program around the keywords your target market is using in online searches.
Focus your budget on the areas where you will find your target market to realize your best ROI.
3. Assess success
In the world of digital advertising, it’s possible to directly identify revenue generated through each marketing channel in a way that traditional broadcast advertising techniques can’t match.
Therefore, assessing your success, identifying your ROI, and improving your plan for the future are opportunities you should fully explore.
Social media analytics provide real-time data on the response to your organic posts and paid advertisements. Website analytics will tell you which of your pieces of online content are attracting prospects to your website and which are converting them into leads. Digital ad reports provide intelligence about your keyword choices, informing how to adjust your phrasing and bidding strategy.
Knowing which strategies are resulting in leads for your business is a powerful tool for creating successful marketing budgets!
Following these steps will give you the foresight and information needed to strategically spend your marketing dollars for maximum results.
Thanks for stopping by,
Breezy Hill Marketing is a Vermont web design company offering digital advertising strategy and execution, responsive web design, inbound marketing, and social media marketing for clients throughout the United States. We work closely with our clients to craft strategies specific to their needs.