Five Tips to Creating a Marketing Budget

No matter how large or small your business may be, it is important that you have a tangible marketing budget. Whether you choose to advertise online, on the radio or in free publications, getting the word out about your company is the only way to keep it growing and thriving. What are some things to keep in mind when creating your marketing budget?

How Will You Allocate Your Money?

Ideally, you will invest money into marketing channels that offer the best return on your investment. Most companies choose to advertise online because it is easy to analyze how well a campaign is going in real time. However, newspapers, radio stations and television stations will generally provide data if you request it.

Will You Outsource Any of Your Marketing Efforts?

Outsourcing some or all of your marketing efforts may save money and increase the odds that you get the most for your advertising dollar. Partnering with companies like Fannit may also free yourself or other key employees to work on other important tasks such as fulfilling orders or finding new investors to help the business grow.

Where Is Your Target Market Located?

The marketing channels that you decide to use should be the ones that best reach your target audience. If you are catering to people under the age of 35, you may want to reach them on social media platforms such as Facebook or Twitter. If you are marketing to the elderly, you may want to advertise during soap operas or during the evening news. Advertising on radio stations may be best if you are targeting people who drive to work or otherwise commute to the office during rush hour.

Do You Have to Spend Money at All?

In some cases, effective marketing takes time instead of money. For instance, you could choose to write a blog post that is designed to go viral on social media networks. You could create posters that have a specific phrase that you want people to enter into Google or other search engines. While these tasks may require several hours of your time, they are advertising efforts that won’t require money that you may not have to spend.

Make Sure That the Budget Is Flexible

You don’t want to spend a lot of money on ads that aren’t resonating with your target audience. If you are going to advertise offline, be sure that you have the right to pay by the week or by the month as opposed to paying for the whole campaign upfront. Having the ability to suspend or terminate a campaign quickly and easily is another good reason to advertise online.

If you are looking to take your business to the next level, you should be devoting more time and energy to your marketing efforts. An effective sales pitch is just as important to having good products or good customer service when it comes to getting someone to buy a product.