March 27, 2017
Your Marketing Budget: 5 Considerations
When you plan your company’s marketing budget, you need to hit all the key points; if you leave something out, you’ll never recover the rest of the plan. But what goes into a comprehensive marketing budget? Is it all just advertising and SEO? Or are there hidden costs you haven’t considered.
The fact is that marketing is more complicated than most people think, which is why the associated budgets often fall short. If you want to build a better budget, here are 5 factors you need to consider.
Every good marketing campaign is based on research, but you can’t pull this vital information from thin air. You need to include funds for surveys, focus groups, and other types of research in your budget. Even developing a good survey takes time and money since you need to write effective questions – you can’t just toss a few queries out off the cuff and hope that will be enough to inform your campaign.
Today’s SEO companies don’t just improve your web content and help you follow the search rules determining rankings – they push marketing further. That means you need to budget for agent-run app development services in addition to more traditional SEO approaches. App design can be expensive, but the sales advantages it brings are well worth the cost, if you remember to account for it.
It may seem silly in this digital day and age, but it really is worth printing business merch such as t-shirts, pens, frisbees, and business cards. These aren’t likely to be a large part of your budget since most of these things are fairly inexpensive if you keep your eyes out for deals, but if you forget about them entirely you’ll likely find yourself begging for petty cash in a few months.
You already have a website, so you’re already paying for hosting – but are you paying for truly sufficient hosting? Many companies seem to think that if they have a good enough website, they can cut corners on hosting, but what happens when you make it big? Your site will crash and months or years of effort will be lost in minutes. You can’t get good hosting cheaply so assume you’ll add to this cost each year to keep up with web advancement and company growth.
Despite what everyone seems to think, print isn’t dead. Print marketing is still worth your effort and at a time when potential customers are inundated with digital media, it can actually be much more effective than the crush of online ads and blogs. Unfortunately, print is more expensive than many departments think, especially on a large scale, so make sure there’s room for it in your budget.
These five categories only scratch the surface of a complete marketing budget, but they’re the types of items likely to be forgotten or subsumed under other categories – and that can mean not enough money to go around. Before you draw up your next budget plan, look under the surface. You’re probably missing something.