It’s a new year which means it’s time for budgeting and strategizing. Don’t let the idea of a marketing budget give you anxiety. This year, focus on three steps to creating and sticking to a marketing budget that works for you.
Step 1: Get Organized
Now, if I had a dollar for every time I heard the word “organized” coincide with business, I wouldn’t need a budget. Alas, that is not the case, so it is important to focus on getting all financial records and receipts together. Next, know what your expected revenue is, and be realistic. This number will be the basis for your budget.
Most experts recommend spending between 7 and 12% of your gross income on marketing. Once you know the amount you will have allotted for your marketing budget, you can take a step back and determine your marketing goals.
Step 2: Determine Goals
If you skip any of the three steps, do not let this be the one. When running a business, goals are what keep you motivated. So ask yourself: what do you want to achieve this year? Do you want to gain monthly followers and have more shares? Or do you want to start that email marketing campaign you’ve been thinking about? What about print advertising…will this get you more exposure?
Consider the marketing channels that can help you reach the right audience. Since the end target is always to increase revenue, target your goals to help your growth. WRITE YOUR GOALS DOWN. You are at least 42% more likely to achieve your goals by writing them down. Check it out HERE. Step 3: Make Changes
This is a new year. It’s okay to change the way you spend In fact, if something is not working, it needs to be changed immediately. Assess your budget monthly to make sure your money is being used as effectively as it can. If you need to abort a campaign and reallocate the money elsewhere to help in the long run, then do it. While it is necessary to stick to your new marketing budget, it is also smart to make changes as needed.
Ok – go forth! You are ready to conquer the new year. Just make sure you stay organized, focused on your goals and make changes as needed. By remembering these three steps and sticking to them, you can create a successful marketing budget that works for you.