It’s a good old saying because when it comes to marketing budgets its true. It can run away with you and then at the end of the month you have no idea where your money went or the returns it’s made for you. So here are some tips from us to help you keep your track of your marketing budget, and guess what the first tip is....
Strategically planning your marketing activity for the month or quarter ahead will help keep your marketing budget on target. A report from MPlans states some companies spend 50% of sales on marketing, while others allocate only 10%. The budget which you decide to apportion to marketing has to be planned carefully as it will be used to manage expenses and forecast revenues. As mentioned above, fail to plan – plan to fail!
Throwing your messages out to the mass does not work in either B2B or B2C markets, and it would cost you a fortune, not only when you press the send button but when you realise it hasn’t given you anything towards ROI. To make the most out of your budget think targeting and then implement it! Examine your customer database, having an effective CRM system is something all companies should all have making this task easier. Understanding your customer requirements into how, when and what they purchase will give you a starting point when targeting specific messages.
Using outdated technology may mean your campaigns become outdated, and this can happen quickly. Keeping up to date with the latest technology and trends may not have to break the bank, but if you are planning on updating to a new CRM system remember to budget for it! There are tools out there for you to have the personal connection with your clients, yep you’ve guessed it, through the powers of social networks. Engaging with clients using a range of different platforms will show you’re prepared to put the time and effort in to keep connected with them, which will have a positive effect.
This point links back to targeting above, personalising your messages so they are specific to your customers will show you are sitting up and paying attention to what they are looking for from your company. Putting clear, concise, effective messages together doesn’t have to cost you a fortune, but having a dedicated content manager can help ensure your business makes the most out of the available marketing budgets by putting them to good use. Also with the powers of social networks, especially Twitter you only have 160 characters to get your message out there, make it worthwhile and to the point.
Measuring results from your marketing activity is crucial in understanding if it has been successful or not. Continuing the same marketing activity month on month without monitoring the success or failure can be detrimental to your budgets. Knowing your ROI from the marketing activity will demonstrate if the budget was on target or needs improving for the next month/quarter. Depending on the targets you set out for your marketing activity will determine how you measure its success, whether it is as simple as revenue or more followers or likes you will need to know what to measure the budgets against for a realistic ROI.
If you want to find out how we can help you make the most from your marketing budget with our B2B and B2C mailing lists and campaign fulfillment options please contact us today on 0845 345 7755 or email us at firstname.lastname@example.org