Three Future-Focused Marketing Budget Considerations
Developing a solid marketing budget is an important part of creating an effective marketing plan. Without a marketing budget that clearly defines strategies and allocations, a B2B marketing program can get sidetracked and lose effectiveness. Here are three steps to help you determine where to spend marketing dollars for maximum results.
- Define your 2017 marketing strategy. Three strategies to consider:
- Lean: This plan commits to engaging and retaining current customers with simple tools and strategies.
- Target: This is best for companies that have moderate growth goals or plan to solidify their customer base.
- Stretch: This option is best for companies that have ambitious plans to grow and/or increase their market share 20% or more annually.
- Emerging technologies will impact business. Significant changes are happening in online marketing. Video is growing in importance, app indexing on the search engines is expanding and search-by-voice is taking dominance over search-by-text. Such changes will need to be adapted for and that will impact the budget.
- Your future focus. Where will your business be in 2 years and five years? What marketing programs will that require? More content? More influencer marketing? More data collection and analysis? Each one of these programs has cost implications.
In summary, taking measures to improve marketing strategies starts with working out a solid marketing budget. However, that is not enough. By keeping the budget in mind when you make marketing decisions, you will prevent overspending on programs as well as have the opportunity to explore different marketing strategies to find the best solutions for your business goals. To learn more about effective budgeting for 2017, download KEO Marketing’s free Marketer’s Guide titled “5 Critical Steps for Planning Your 2017 Marketing Budget.”
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