Is Your 2017 Marketing Budget Ready?
The first half of 2016 is over and it is time to begin planning your marketing budget for 2017. With the new year comes a new set of challenges for marketers.
KEO Marketing has put together a new Marketer’s Guide, “5 Critical Steps for Planning Your 2017 Marketing Budget” that will help companies like yours to create a budget that can accommodate addressing new marketing challenges.
Here’s a quick look at what you’ll find in the new Marketer’s Guide:
How to put it together
First, align your marketing goals with your company’s strategic goals and vision for growth. Then get buy-in from upper management as well as the other departments that will be impacted or involved. It is important that everyone is driving their activities in the same direction.
Next, identify your marketing budget so you can develop a detailed marketing plan that supports your strategy. Many companies use a percentage of their top-line revenue as a budget with the size of the budget depending on how much growth they plan to achieve.
Consider the Coming Impacts to Online Marketing
The online marketing world is both complex and volatile. 2017 has new hardware, new software and new user preferences that will have an impact on marketing plans.
- Video will dominate. com predicts 74% of all internet traffic in 2017 will be video. As that trend continues, developing and optimizing video for both websites and advertising will become an important part of marketing.
- App indexing on search engines. If you perform a Google search on a mobile device, the search results will include not just web pages, but also relevant content that is within an app.
- Mobile access will increase dramatically. According to Statista.com, in 2012 internet users spent an average of 74.4 minutes on mobile internet services per day. As of the second quarter of 2014, this time had increased to 108.6 minutes per day.
Consider, too, where other companies are planning to spend their marketing dollars.
- Content Marketing. Buyers perform up to 90% of their research online before contacting a sales representative, so companies are creating more content in order to lead prospects through the buyer’s journey.
- Search Engine Optimization (SEO). Google and other major search engines constantly modify their indexing methods. B2B marketers should regularly adjust their SEO strategies in order to maximize organic search results.
- Influencer Marketing. B2B marketers are always connecting with influencers such as industry news sites and thought leaders in order to reach new audiences of potential buyers.
Finally, fit it into a plan. How you choose to allocate funds for your 2017 marketing efforts depends on your company, industry, target audience and company goals.
Start by examining last year’s plan and outcomes. Analyze how effective they were in achieving their intended purpose and where you would like to make improvements. Next, analyze the areas of online change to see if they fit into your particular marketing model and if so, the cost and anticipated results of implementing them. Then put your strategies and tactics into a framework of brand-building, demand-generation and sales empowerment strategies.
Finally, commit to taking action. Planning for effective marketing in 2017 begins with creating a solid and well-thought-out budget. However, a plan alone is not enough. You must take action and remain committed to following through. By keeping the budget in mind when you make marketing decisions, you will prevent overspending and will have the opportunity to explore different strategies to find the best solutions for your business goals.
Ready to learn more? Download our new Marketer’s Guide, “5 Critical Steps for Planning Your 2017 Marketing Budget” today.
All contents copyright © 2017 by KEO Marketing, Inc.