Let’s talk marketing budgets. Your organization or business likely has an outlined budget that covers operating costs, including marketing. If your marketing funds keep getting cut or if you’d like to refocus your strategy for marketing spend, there are three essential questions we recommend you consider when planning your budget.
“Are you prioritizing cost or value?”
Both are important, but you may have to decide which is more important to your organization. Cost is the specific amount of money and time it will take to do a certain project. Value is the result. The value could be finding a trusted partner who understands your goals, a method to eliminate long-standing stressors in your work processes or creating a solution that brings in new buyers.
“Do you know what budget is required for common marketing services?”
Instead of arbitrarily choosing to spend $2,000 for the year or designating the leftover operating budget as the marketing fund, contact agencies and vendors to understand the cost of their services and the value they offer. Talk with a web developer about what goes into building a new website. Contact advertising reps about the cost of outdoor media buys versus digital buys. Reach out to a production company to learn more about what it would take to shoot a video commercial or record a radio spot. You’ll be able to plan a budget that helps you actually accomplish your marketing goals, even if it means you need to execute them in phases.
“Are you willing to share your budget?”
Marketing budgets shouldn’t be a secret. You wouldn’t go to a realtor and say I’m looking for a new house, but I can’t share my budget. That makes no sense, it would be a huge waste of your time and theirs. The same goes for marketing agencies. Most agencies can tailor their services to your goals and budget. In sharing your budget, agencies will give you a precise outline of what can be done. You’ll be able to critically evaluate each proposal and determine who offers you the best value for your money.
Want to know more? Give us a call. We’d love to hear from you.