As a small business owner, here’s a list of things to do before creating a marketing budget plan:
- Establish focus
- Analyse and benchmark past marketing successes
- Determine short- and long-term marketing goals
- Consider outsourcing
- Maintain low-intensity expenditure
- Consider marketing channel options
Doing a market analysis will help you identify and focus on the important factors.
The market analysis should answer the following:
- What are the products and/or services offered?
- Who are your customers/target markets?
- Where are they located?
- How do they consume and react to media?
- How much are they willing to spend?
- Does your company benefit from any specific marketing strategy?
- What are your business’s current and foreseeable marketing challenges?
Employing marketing strategies that focus on engagement and the budget allocation is required.
Analyse and benchmark past marketing successes
Working with a limited marketing budget does not allow much room for error. Use readily available data from the business’ email marketing service, marketing automation system, and Google Analytics to understand which sources are driving the most leads.
Identify, via leads and conversions, which sources contribute the highest percentage to the total revenue. Retain and improve what works and discontinue what doesn’t.
Determine short- and long-term marketing goals
Determine short- and long-term business objectives and how much is needed to achieve these goals. Appropriating the number of leads, their time frame, and the estimated costs t required will help you. set success measurements for each specific marketing tactic or channel.
Remain realistic and specific in terms of budget and results without compromising a certain degree of flexibility.
One of the options to maximise workforce while keeping employment expenses to the minimum is to outsource. There are a variety of choices available, from freelance websites to reliable outsourcing services providers.
Remember that the business’ core must consist of a few necessary full-time employees under your supervision that n focuses on core, essential work duties.
Maintain low-intensity expenditure
Always insist on low expenditure. If you are an online-based business, do not force renting an office until you have enough employees and projects and are sure of your company’s earnings.
Purchase only what is necessary. Some software has cloud-based solutions. The same premise can be applied to crafts companies and other offline businesses—begin with quality used tools and equipment.
Consider marketing channel options
There are now multiple marketing channels to choose from and focusing on one or two of these channels may increase the dynamics of the business’ marketing strategy:
- Digital marketing — Invest in a homepage or website. Build one from scratch or improve the current one, to engage customers to purchase products and/or services and drive traffic to the website.
- PR and social media — Public relations and social media marketing target the right market at the right time. Consistency is key. You can’t have either too much content or too few. Oversupplying content and you spend too much can overwhelm. Release too little and you risk providing insufficient marketing stimulus to engage your customers. Strike the right balance for your company, based on its nature and marketing requirements.
- Traditional marketing channels — These channels remain a staple for any industry as most are still in use because they are still effective. A few options you may consider are direct mail, event marketing, TV spots, and print advertising. Select the most appropriate channel(s) based on your business’s marketing needs.
A successful marketing budget plan requires to not just efficient implementation but also needs proper budget analysis and management.
Challenging the effective implementation and realisation of these strategies will not only benefit you professionally but also personally.