It’s that time of year when businesses, if they haven’t already, are planning investment and looking at budgets for the new financial year. But as April approaches, how clear are you about what you’d like to achieve with your Marketing budget?
Most companies aren’t lucky enough to have a blank check that allows them to invest in all the areas they’d like to – so how to prioritise? And how do you make your budget work as hard as possible?
Here are some of our Top Tips, based on the trends and forecasts for 2017:
- No matter what size budget you have, make sure any goals are SMART. It helps you being specific and makes it possible to measure your goals – which is crucial.
- Return on investment is always an important measure for any marketing activity, no company wants to waste money, but you have to be realistic – no results will happen overnight. It’s important to understand how much time and effort is required, from your business, to see positive results. As a quick rule of thumb most small businesses need to commit 30 mins a day to social media activity.
- Think about your customers and future customers, if they are not found surfing the web and interacting with social media – don’t focus all your budget on online/digital marketing. Social media is often seen as the answer for generating new business across the board, but this really may not be the case depending on your product/service, target audience and social media platform. So, don’t forget some of those old-school marketing tools that may be a better match for your business.
- Dare to be creative and use your own voice. Every business is different and every customer is different, if you are passionate about your business let that shine in your marketing. Not all creative ideas are expensive, don’t rule them out automatically.
- It sounds obvious but Do set a budget. We’ve spoken to people who haven’t set aside any budget for Marketing, but know that every year they will incur Marketing costs! Planning is key if you want to be able to spread costs evenly and not run out of budget before a new product launch or a special event!
At Marketing Lab, we work with micro businesses upwards, and any size budget. We don’t have any tie ins or minimum monthly fees and we can provide as much or as little advice as you need.
Get in touch with us at Marketing Lab HQ for more advice or to discuss how we can help you achieve your marketing goals this year.