New Year, New Budgets! Woo, it’s time to roll up your sleeves and figure out what you get to spend your marketing money on!
But, then, you see the amount and think of all the things you want to create, places you want to be, and markets you want to be in. And, all the sudden, that budget doesn’t seem so big and bright…..
So what do you do now?
First of all – don’t make the mistake of cutting your marketing budget, especially if it’s been going well!
Marketing Dollars are such a coveted part of any budget, but sometimes there is a disconnect with spending money and seeing ROI immediately. We see this all too often. A business invests in marketing, sees growth, wants to cut marketing dollars down, engagement decreases, and then the money is given back…… with the expectation that marketing just jumps right back to the levels of engagement it was at before.
Sure, you can change your car oil, run it until the next time the oil needs changed…. then park it for a while only to jump back in to get it running. The car still works, but there is work to be done to get it back into top shape again.
Marketing budgets need to remain consistent, even when times are great, so you don’t lose that hard-earned traction with your audience.
Second, consider your budget an investment, not a cost.
Big brands like Coca-Cola, Pepsi, Land Rover, Target, and more know that marketing budgets pay back in the future as well as the present. Thinking of your marketing budget as an investment means not looking at your different expenses and finding out where to spend more money or less money, but instead looking at it as something that returns value over time.
This is a direct investment in your business and to connecting with your audience. Yes you can track ROI for your marketing projects and how you spend your efforts, but that is a current snapshot in to how you are connecting and touching your audience, but long-term marketing strategies won’t pay out in ROI until later on!
Third, don’t forget to include ALL the important things!
Things that can be left out of marketing budgets are necessary softwares, software licensing, tools (like Zoom!), website maintenance, social media + digital advertising dollars, trade shows, advertising, video + photography, and any gear you and your team need. Make sure your budget includes all necessary things to keep the current marketing running like a well-oiled machine and some padding to find and attract new audiences in new markets.
Lastly, set clear and achievable goals so you can track your progress toward your bigger goals.
Look at what you’ve done, what’s working, and what you want to do that’s fresh and new this year. Then come up with goals that can help you get there. Your budget and how you spend it in relation to the other parts of your marketing pie will be much more clear if there are goals attached to it. If you are getting aggressive about making a presence on social media and a goal is increase your page following and likes, you may need to hire a social media marketer, spend money in awareness ads, and optimize your website to create a seamless user experience.
Make a clear path and plan for your marketing in 2022 and see success this year and in the future!
If you need help or support, let’s chat. We’ve helped businesses increase their revenue, gain exposure, step foot in new markets, launch new brands, re-brand their existing business, and more! We can help you and your team punch above your weight-class and make your marketing easier. Contact us today!