For any business, effectively managing a marketing budget can be a daunting task without prior experience or a background in marketing. Choosing where and how much of your budget to allocate to various marketing, advertising and public relations strategies can be stressful, but with a few tips, your business can strategically place its marketing dollars to maximize exposure without overspending.
Set Marketing Goals
Before any spending takes place, it is crucial to set goals for your upcoming campaign based on the needs of your business. These benchmarks will be essential for measuring the viability and success of your campaign through key performance indicators. Without clear objectives, a marketing campaign can easily become disorganized, leading to non-essential spending, mixed messaging and poor return on investment (ROI). Think about what you want your business to accomplish and base your marketing goals around these needs. Being able to show an ROI is key to ensuring a campaign was successful.
Choosing a Strategy
The marketing landscape has changed drastically over the past decade. With the rise in popularity of social media, influencer marketing and search engine optimization, it is necessary to be aware of new marketing tools and how these will factor into your marketing budget. By choosing a strategy and carefully planning out which marketing methods you want to integrate into your campaign, as well as their costs, staying within your budget is simple. The costs and reach differ between each marketing technique, but through research and knowledge of the needs of your business, developing and budgeting a marketing strategy is completely feasible.
Learn From the Past
Past campaigns are a great resource to utilize when planning a new campaign. Measuring a campaign’s key performance indicators, such as customer engagement, satisfaction and revenue growth/loss indicate whether the campaign was successful or if changes are required. Comparing the budgets and ROI of past campaigns to prospective ones can help you determine if it is a viable use of marketing dollars.
With the multitude of marketing methods available today, staying within a defined budget can be challenging. However, with careful planning, strategizing, monitoring and reflection, you will be able to manage your marketing budget with ease.
Lindsey Carnett is CEO of Marketing Maven, which specializes in media relations, social media strategy, brand strategy and creative direction