Investing in your marketing communications is vital to achieving your business strategy and we often say you should plan a marketing budget with your end goals in mind. Spending time and effort considering what to spend your money on is of the utmost importance. But just ‘How much should I spend on communication?’ I hear you ask. You may also be asking yourself, ‘How do I set a marketing plan? How do I determine which types of marketing channels to use?’ These are all important questions and whether you are a new business starting out with a small budget or you are a large company with a bigger budget, it is important to get your questions answered by marketing professionals.
You have more than likely discussed a marketing budget in private. However it could be unrealistic. Make sure you’re not setting budgets based on last year’s, remember that a marketing plan and budget are an engine for growth and a long term investment which must give you a return on that investment. Whatever the size of your budget we can help you to achieve your goals. Be prepared to be flexible and review your expectations.
Look at your budget depending on your goals:
- Do you need to increase awareness?
- Do you want to get more people interested in your product/service?
- Do you need to encourage people to choose your company over a competitor?
- Are you launching a new range or service?
Each objective will require a completely different mix of activities.
Where do you want to spend your marketing?
The next step is to create a solid plan of how you want to spend your money to achieve these objectives. This is the part where you can have a chat with us about what types of marketing are right for you and your business and how you can utilise them to reach your marketing goals.
Consider these three factors:
- What do you need to get from your spend in order to achieve value for money.
- Your past experiences of what works and what doesn’t.
- Where you can reach your target audience.
Make sure everything you do can be measured to work out what has brought you the return you wanted.
If you are considering using a new marketing channel then we can advise you with our experience what works for which audiences and how much you should set aside for testing and measuring this new method.
After you’ve determined which channels work best for you, be prepared to constantly review the budget and objectives – marketing is dynamic, don’t be afraid to change things so they bring the results you need.