The 12 Pains of Marketing Budgeting
It's that time of year again! Time to lock in your marketing budget. As marketing professionals, I'm sure you've got plenty of ideas for what you'd like to do next year, but now it's time to narrow that wish list down to what is realistic. What will you spend your marketing dollars on? Here are some considerations...to the tune of the 12 Days of Christmas, of course!
12 monthly goals
Set a goal for each month, ranging from realistic to ambitious.
10% of sales
General rule of thumb is to spend 2-10% of sales revenue on a marketing budget that will grow your business.
9 biggest spenders
Most of us will never have a $4Bil marketing budget to play with, but we can certainly learn from the top U.S. marketing spenders: Proctor & Gamble, Verizon, AT&T, GM, Pfizer, Johnson & Johnson, Walt Disney Co., Time Warner, and L'Oreal.
8 marketing trends
Trends to further develop include branded content, mobile/tablet sites, social media, videos, marketing automation and intelligence, integration with sales process, customer experience, and marketing skill building (yes, invest in yourself!).
7 lucky tactics
What marketing tactics have proven to convert to new business? Identify your lucky 7 and create at least one way to improve upon each of these winners.
6 social media tools
LinkedIn, Twitter, Facebook, Google+, Blogs, and YouTube are important to varying degrees, depending on your business.
5 figures to factor
Adjust your total budget after considering your target sales revenue and what marketing tactics will help you get reach that goal, competitor budget, previous year spend, financial position of the company, and demand – have you become more marketable?
4 quarterly SEO reports
Agencies, such as allwebcafe, can implement strategic SEO plans and regularly report on progress, quarterly at a minimum.
3 performance metrics
Compare all data by month, by 6- or 12-week averages, and against competitor/benchmark data.
2 target audience answers
Establish a solid solution, which answers: 1) What are the pain points your customers/prospects experience (relevant to your offerings), and 2) Why would they buy or not buy your services?
1 integrated marketing strategy
A well-rounded plan encompasses offline, online, and everything in between. Make sure all marketing efforts are intertwined and promoting the others.
You have to spend money to make money.
The trick is to allocate budget dollars on the right tactics and time them well so that you get the best possible return from your marketing spend. Best of luck in 2012!