You want your marketing activities to benefit your business’s bottom line, and staying within budget is a key element. Here are a few tactics to help you manage and support your marketing on a budget.
Tie marketing strategies to business goals and objectives
How you allocate your limited marketing budget depends on your company’s strategic goals and initiatives for the year. When you are clear on the designed outcome before you begin, you are more likely to stay within budget. Answer the following questions to help you align your marketing plan with your business plan.
• Are you expanding into new markets?
• Will you grow your existing customer base within the same market?
• How can you increase the lifetime value per customer?
• Do you need to reposition your brand?
Follow industry averages
Another way to decide on an appropriate budget to stick to is by researching overall budget percentage by industry. One annual survey to follow is Deloitte Digital’s CMO Survey, with August 2017 being the most recent survey completed. For example, most marketers are planning huge spending increases, and the Deloitte Digital CMO Survey breaks down marketing spend by industry and by the tactic.
You can even explore results from prior year surveys to gain a historical perspective on where marketing efforts have been and how that has affected today’s budgets and plans.
Find the most effective marketing trends and technologies
Consider the following new trends and how they might fit into your marketing budget:
• Business Intelligence (BI) — With BI data you gather from customers and targets, you can discover what marketing tactics your target audience is most likely to respond.
• Artificial Intelligence (AI) — Chatbots are one form of marketing automation you can and should work with your budget. With new technology advances, chatbots are more powerful, easy to use, and more effective.
• Account Based Marketing (ABM) — If you are planning to support and grow your existing customer base, ABM is a cost-effective and valuable marketing method. Focus your efforts on the most profitable customers and strengthen relationships.
• Mobile — According to thinkwithgoogle.com, 96% of people use a smartphone to get things done. You want your marketing efforts to be where your target audience is hanging out, and mobile is key.
• Video — Marketing spend on video is up 114% since 2014 because video continues to generate significantly better results than status images or copy. Focus some of your marketing budget on video in 2018.
Once you determine your marketing budget, it is time to act. Start your marketing plan as soon as fiscally possible so you can start off the new year with full measurements and track in place. Finally, carry out monthly and quarterly reviews with your marketing team and peers across the company. It is critical to share reporting with everyone involved to keep them aligned and supporting your ongoing marketing plans.
To learn more about how to develop your 2018 marketing budget, download the new guide “5 Critical Steps for Planning Your 2018 Marketing Budget”.
About KEO Marketing, Inc.
KEO Marketing, Inc., a leading marketing agency in Phoenix, Arizona, develops and implements strategies to help clients significantly increase leads and sales.
If you want to be proactive with your marketing budget, contact KEO Marketing for a complimentary marketing audit to see how we can help you prepare for a successful 2018 or contact me at SKloefkorn@KEOMarketing.com.