6 Tips For Planning Your Marketing Spend
"Marketing spend” refers to the costs for anything related to promoting your brand; including digital or print ads, social media, sponsorships, collateral, or events. Businesses often do not allocate enough to marketing efforts because they are viewed as non-essential costs.
Marketing can be powerful! It is the single most important thing you can do to obtain and retain a vibrant customer base. Keep these 6 tips top of mind:
Know your goals and objectives – Do you want to increase brand awareness, increase sales, or improve customer engagement? Understanding your goals will narrow the tactics and funds needed to achieve them.Be frugal – utilize free and low-cost opportunities to promote your brand. Click here for ideas for marketing on a budget.
Maintain a good website – this is the window into your business. It tells potential customers what you do and the value that you bring to them. Your website is also a great engagement tool.
Multichannel marketing - diversifying your marketing tactics, increases your reach to potential customers with a consistent brand message. It also makes it easier for customers to engage and purchase when, how, and where they want.
Outsource – small businesses often think outsourcing is more expensive than doing it themselves. The truth is, the cost of a failed marketing strategy can damage your reputation. If you truly don’t know how to market a business, outsourcing some or all of your marketing may be a smart move for your business. Contact my team, a Dose of Insight, for a free consultation.
Measure your results – you need to know what is working and what is not. Having that understanding will allow you to recalibrate your spending and invest in tactics where you are seeing a return on your investment. See why Marketing Metrics Matter.
As with anything, creating a plan will set you up for success and keep you on track when allocating marketing dollars. Do not miss this important step, it can be the difference between success and failure.