7 Tips To Get Your Marketing Budget Ready For The New Financial Year
The 2018-2019 financial year is fast approaching and with the start of a new financial year comes planning for a business’ future. Marketing is one of the most effective tools to grow your business and place it in front of the right people. However the marketing for a business will only be as effective as the planning and budget that goes into it. To help your business succeed this financial year Voyance Insights has put together its top tips when constructing a marketing budget and plan.
Tip #1- Be Prepared
No budget will compensate for a poor marketing plan, so allocate time to thoroughly evaluate & develop your marketing plan. Furthermore, ensure your business can support these amazing plans. Do you have enough staff, resources and time? There is no point having an amazing marketing plan if your business cannot support it.
Tip #2 – Discover How To Engage Your Ideal Customers
Understanding where your customers come from and who they actually are will allow you to allocate the right budget to the right channels. Businesses often overspend their budgets in channels that do not target their customers. Think about your customers, their demographics and their interests when devising your marketing plan. Platforms such as Facebook and LinkedIn are often visited more frequently than other social media platforms by older demographics while Instagram remains quite a young platform.
Tip #3 – Marketing Is An Investment Not A Cost
A business should never see marketing as a cost but rather an investment to drive sales, whether through brand awareness or direct marketing. Your budget should be based on your goals for the next financial year plus your goals for the next five years. Depending on what those goals are will alter what your budget is and how it should be applied.
Tip #4 – Know Your Business & Industry
The industry you operate in will also largely dictate your budget. If you are in an industry that is highly competitive, with your competitors spending large amounts on marketing, then you should factor this into your marketing budget. Be prepared to be aggressive with your budget and look for opportunities that your competitors have not invested in. Also, if your business is young and not widely known, your marketing budget (as a percentage of your revenue) should be more than an established well-known business, as you should be spending everything you can afford to allow the business to build up.
Tip #5 – Think About Your Website
Your website is one of the first experiences a customer has with your business. It’s the easiest way to capture the customers attention regarding your product or service in a setting that you have complete control over. Because of this it is worth ensuring your website is performing as it should, as having a great website is the easiest way to impress a customer.
Tip #6 – Track Your Marketing
Tracking your budget and where it is going will allow your business to ensure its performing well. By tracking the results from each of your marketing channels you will understand what works and what doesn’t, allowing you to tweak where you spend your budget. This will begin to show in your ROI.
Tip #7 – Be Willing To Change.
Don’t be stuck in your ways by ensuring you are willing to change when something isn’t working. Marketing is an ever-changing platform, knowing what is in trend now, as well as what will be in trend in the future will allow you to adapt and provide your business with the competitive advantage.
Unsure How To Put These Tips Into Action?
Voyance Insights can help your business succeed this financial year. Phone us on (03) 8797 5511 today.