Marketing Communications

Overcoming Budget Woes: Making the Most of Your Marketing Budget

As the end of the year approaches, most organizations start to develop marketing budgets for the coming year and consider the programs and initiatives that will take top priority. However, as many budgets remain tight, it can be a difficult task to determine how to effectively budget for the new year.

In an ideal world, your organization would identify what it is trying to achieve and shape its marketing budget around its objectives while utilizing an ample budget to meet determined goals. Realistically, many companies and organizations have an established budget and, in turn, must complete marketing tactics based on the funds available.

Regardless of your budget, planning remains a critical starting point for success. It's important to identify activities that will yield the highest return on investment and allocate funds accordingly. Cutting programs is never an easy task. However, taking time to plan programs that are clearly aligned with measurable objectives clarifies those activities that will best help you achieve your goals. When planning, be sure to:

  • Establish your goals and make sure they are within reach. What are you trying to achieve? How will you know you've achieved them? Are they realistic? Considering these questions will help you develop the best plan for your organization.
  • Determine your short-term and long-term objectives.
  • Prioritize the "must do" items and the "nice-to-have" items.

As you continue planning, keep an open mind so you can identify creative ways to achieve your goals with the resources that you have. Sometimes the least expected options can produce the best returns. When you do face limitations, consider the following steps:

  • Research: Discover who your target audiences are and determine what channels will best reach those audiences. Focus on reaching specific targets. Targeted outreach is often more cost effective and delivers stronger results than broad efforts. For instance, while social media tools like Twitter and Facebook are all the rage at the moment, they will only further your objectives if your target audience uses them on a regular basis.
  • Repurpose: Have you created an engaging video or chart that can be included with new collateral? Have you developed compelling blog content that can be leveraged across your social networks? Use and reuse what you can to achieve goals without expending new budget.
  • Refresh: While repurposing saves time, don't simply look to what you've done in the past and move forward with the same plan. Consider what will need to be adjusted moving forward to achieve your goals.
  • Review your success metrics: Learn from the strategies and tactics you've implemented in the past. Determine what worked and what didn't and eliminate any activities that didn't deliver stellar results.
  • Revise: Continue to adjust and improve to optimize your marketing efforts. Take a look at data such as Web analytics, e-mail open rates, and articles garnered from briefings to see where you can tweak tactics to garner improved results.
  • Relate: This takes time, but building relationships is worth the investment. Consumers who feel a connection with your brand are more likely to remain loyal. Vendors who you've worked with closely will give you the best deals. Editors who recognize you as a valuable resource are more apt to contact you when developing an article related to your industry.

Finally, don't spread yourself too thin. For example, if you have a presence on several social media sites, but the presence on each site is sub-par, this can hinder your efforts in the space. Consider honing in on the best tools and focusing efforts there.

If you're still having difficulty determining how to make your budget work for you, it can be beneficial to seek expert help. Many agencies are familiar working within budget constraints and are resourceful. Experts typically look at the big picture, take into account hidden costs and know what can make the biggest splash. If you're looking for that kind of insight, we're happy to help! We'll work within your budget, large or small, to help you recognize and achieve your goals.