Why You Should Budget for Marketing
"What's your annual marketing budget?" As important as this question is, we've found that quite a few businesses don't know the answer. And trust us, we get it. It's easy to get overwhelmed with the revolving door of factors you need to consider to fully flesh out your budget. Even so, it's crucial that you plan everything out. Without having some framework in place for your marketing efforts, you're liable to put yourself at risk of making some impulse marketing decisions and doing more harm than good. Below are a few of the reasons you need a marketing budget.
How will you know for sure you're hitting your target if you don’t have something to track in place? Without a budget, there is no way to tell how profitable your marketing strategies really are. You could get lucky, but it's more likely you'll end up wasting your efforts. With a marketing budget in place, you're more likely to get the results you expected from your work. Allocating money each month for your marketing efforts makes success a much more likely outcome.
2. Out of Sight, Out of Mind
If you don't budget for marketing, it will inevitably end up on the backburner. This will likely result in your marketing team not getting the resources they need to truly bring value to your company, or worse, your marketing budget getting cut altogether, which is the exact opposite of what you want to do as marketing brings in new leads and increases profitability.
3. You Need a Budget to Have Strategy
Your marketing budget and your marketing strategy don't exist separately from each other. They have to work together for your marketing efforts to be effective. Your marketing budget needs to be set by your strategy. In short, you figure out what you want to do, then determine the amount of money it will take to do so. Without a budget, there is a good chance you'll lack the resources to generate the kind of leads you want, or you won't realize how much farther your funds go to generate success.
4. Consistency is Key
Your customers see a lot of content daily, which means anything you send out needs to be easily recognizable and resonate with your audience. If you don't have a marketing budget, then there is a chance that you aren't dedicating the resources needed to create and maintain genuine and engaging content. This means your content will stop being effective and could start working against your company.
If you need help planning a marketing budget for 2021, contact us. We will be happy to help you plan your strategy and budget for the next year.