So, what does this say about setting a marketing budget? Successful companies aren’t necessarily successful because of how much they budget, but rather because of how they spend those funds. Focusing in on your target market is extremely important to make the most of the budget that you have. Make a plan and assign funds to different areas. Once you know on whom, how and where you’ll be spending your advertising budget, start allocating funds. After you’ve tracked and analyzed the results of the marketing and advertising efforts you’ve made, start making adjustments. It’s important to hold regular meetings, whether monthly, semi-annually, or annually, to determine budgets and make plans to help you be more effective in your marketing and advertising. In conclusion No matter what size budget you have available for marketing and advertising, allocating those funds effectively can help you make the most of them and work toward getting the best ROI possible. By setting goals, narrowing down your target market, tracking results and making adjustments as you go, you will be able to make even the smallest budget work more effectively for you. Where are you planning to focus your advertising funds?
By analyzing not only the demographics but the psychographics of your target market and strengthening your ideal customer profile, you’ll make the budget you have more effective.
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Last year, according to Statista, 47 percent of small businesses surveyed budgeted less than $10,000 for marketing and advertising. Some 25 of them spent up to $100,000, 11 percent spent up to $500,000, 7 percent spent up to $1 million and 8 spent even more than that.
So, what does this say about setting a marketing budget? It doesn’t say much because companies of varying sizes will have different marketing budgets; and some will spend significantly more than others. However, the budget a company sets doesn’t necessarily determine its success at marketing. In fact, 56 percent of companies polled by Gartner reported adjusting their annual budgets throughout the year.
So, rather than looking at your own budget to gain an idea of the ROI you’ll receive on your marketing and advertising efforts, consider instead how to allocate the budget that you have, for maximum efficiency. Successful companies aren’t necessarily successful because of how much they budget, but rather because of how they spend those funds.
Instead of pooling all of their budget into one advertising medium or another, successful companies strategically allocate what they have into different areas to make the most of the resources they have available.
Whether your company is just starting out or has been in business a while, and whether your budget is large or frugal, allocating your advertising budget the right way helps you make the most of it and gives you a better ROI. Here are several tips for how to optimize and more effectively allocate the advertising budget you have:
Set specific goals.
Goals are vital if you want to use your advertising budget effectively. When setting them, consider whether you want to improve your branding, boost lead generation or up sales. Although you should be making efforts in each area, one may be more important to you at one time than another; this will help you determine if you should focus more on social engagement and branded searches, newsletter subscriptions or…
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