Tips to Effectively Allocate Your Marketing Budget
Businesses, especially small and medium-sized businesses, sometimes have to do wonders to effectively allocate their marketing budget. The key to success is knowing your consumer, who is your audience.
Unlock the Magic in Your Marketing Budget
• Here are seven simple tips for mastering your marketing budget for 2021: Read the room. A marketing leader is required to bring energy and opportunity to the strategic table. Your budget should reflect your company’s key priorities. This sounds overly simplistic, but it is not. It is an effort to underline your credibility. Do not recommend automation spend if your institution is not ready. Do not try and build a digital-first retail brand at the expense of a powerful B2B sales machine. How can marketing channels help your bankers tell the right story? Focus on addressing the key priorities with your leadership teams. Do not assume a martech solution will immediately address the room’s key challenges.
• Forget “set and forget.” It is extremely tempting to pilot media agreements over the course of 12 months. There is a security blanket in knowing you have a content platform when you need it. However, whenever possible, it is best to prioritize flexibility. With as many channels as you are expected to master, it is not a solid strategy to tie up spend and time in wasted media. Occasionally the static content proves to be more work for your marketing team and results in flat or boring messaging. By July you will wish you had the flexibility to take advantage of a project or medium late next year. Trust your creative muscle to operate at the moment, rather than your perfect prognostication.
• Know your magic. Let your light shine. Keep as many tactics, design, productional art, and writing in-house as much as possible. Demonstrate that open market cost to your finance team. Even if you have an agency of record that you trust, you would be wise to develop skill sets in-house that supplement their creative horsepower or digital marketing expertise. This can help you forge a true partnership with your agency, or to pick and choose based on agency expertise, and most importantly, to bring in the right agency or creative partner when you really have a challenge in front of you. And you will have the flexibility to pay!
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