Planning your marketing and advertising budget for the upcoming year can be a balancing act: Spend too much, and you might find yourself scrambling to justify every decision. But if you don’t invest enough, your audience may never see the value offered by your organization. Here, then, are some tips to make your marketing plan more strategic, more focused, and potentially more effective.
Evaluate last year’s planning and execution. What worked, and what didn’t? Where can you re-allocate resources to maximize your spend?
Take time as a leader — and as an organization — to think strategically. Know your audience. Understand your unique position in the marketplace. Establish the results you want to see, whether it’s increased sales, additional market share, or greater awareness. A clear strategy informs a clearer plan — and drives better decisions.
There’s an often-overlooked gap between marketing strategy and creative execution. You can bridge that gap with a compelling, customer-facing narrative that defines your company’s reason for being — and invites your audiences to become part of your tribe.
The axiom is as true today as ever: Spend money to make money. But how much is enough? That depends. Recent studies show that companies spend anywhere from six to 12 percent of their annual revenues on marketing. Still other businesses calculate marketing spend as a percentage of the operating budget. And of course, there are variables — including B2B, B2C, and industry type.
No matter how you slice the budget, begin by committing to marketing as an essential business function. Focus on strategy, story, and content, and then plan channels and tactics accordingly.
Where is your organization on its marketing journey? Whether you’re a startup with a dream and a few dollars or an established marketing organization looking to make every dollar count — consider working with MasonBaronet to help you strategize, plan, implement, and measure next year’s efforts. The right team can make the most of your resources — so you can out-think (not out-spend) the competition.
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