You have so many things on your plate — growing your business, taking care of current customers, finding new customers, and outdoing expectations. And figuring out your marketing budget is a huge part of the work you do.
But it’s hard to make sure you have time to do everything you need to and do it well. Don’t you want to be able to set that budget for marketing and forget it, instead of constantly worrying about it?
Of course, you do. And in this post, we offer some tips on how to do that.
How to Determine Your Marketing Budget—The Right Way
View marketing as an investment in your company.
When you’re trying to reduce costs, it’s tempting to slash the marketing budget, rather than other areas of the budget. But people won’t find your company and buy your product or sign up for your service if they never hear about them. Marketing gets the word out. It’s an important investment in the growth of your business.
Once you’ve set your budget for marketing, it can also be tempting to squeeze the most out of your funds by going with the cheapest options. But again, you need to view this as an investment. An option that costs more can often offer a greater return on investment.
Narrow down your options.
You know your audience best — think about where they live on the internet, and what kinds of messages will reach them. Will targeted ads reach them? What about content marketing? Or social media, or branding.
You don’t have to do everything, you can pick one or two options and put your messaging there.
[If you don’t know your audience, get to know them a little better by developing a buyer persona.]
Make your expenses as predictable as possible.
You can’t predict everything you’ll need when you’re designing your marketing budget, but you can look at past spending and figure out how to make your regular expenses as predictable as possible.
Once you’ve determined the type of marketing you want to do for your business, you can choose to work with multiple service providers or one service provider. Choosing one service provider that does all the things you need saves you time by only having to manage one relationship, freeing you up to work on the other parts of your job.
Better still, look for a provider that offers marketing subscription plans—with subscription plans, you get a set number of services per month, quarter, or year, for a set price. Since the price never changes, you always know how much to budget. WordPress website support plans, content marketing plans, social media plans — there are providers that offer subscription plans for every marketing service you need.
Find the right marketing provider.
You and your staff can’t do everything yourself. Luckily, you can hire some great help. But spending your marketing budget dollars can get tricky if you don’t choose the right provider. The best option may not be the most inexpensive option, but the right provider will give you value for the marketing budget you invest in them.
Here’s are some of the things the right web marketing and design provider can do for you:
- Work within your marketing budget.
- Help enact your marketing vision.
- Find and tap into unidentified resources.
- Help you figure out where your customers are, and how to make your messages reach them.
- Communicate well.
- Free up your time so you can take care of your other daily tasks.
And ideally, they’ll offer subscription plans to keep your expenses predictable, as we mentioned previously. A great provider can offer you a custom subscription, tailored exactly to your marketing and design needs.
When you’ve found the right provider, reach out.
If you’re ready to take your marketing budget and put it into the right hands, contact us and find out about our subscription plans, and how we can help you reach your customers and grow your business.