The state of business has been volatile over the last few years, affecting how business owners spend money on items like marketing. Marketing cannot be skipped in the budget because it gets customers to buy, so how to find a balance between volatility and profit.
Look to the Past
What better way to plan for the future than to look to the past? Look over past budgets and consider these questions for planning:
- What have you done in the past for marketing?
- What worked and what failed?
- Were some months like Holiday a better time to advertise?
This will give you a better understanding of where to spend.
Divide and Conquer
Once you know how much you can spend each month, plan how to spend the money. Consider website updates, print materials and paid social media boosts. Some things, like website updates, may be more expensive if you have to commission someone to help.
Print items, if needed, can be ordered in bulk, sometimes cutting the cost with printers. Shop for the best deal and consider if print items are required this year.
For Social Media marketing, list all the channels the business is present and the engagement numbers for each. If you reach more customers on Instagram, spend more. Money on advertising there instead of Twitter. Next to website updates, social media marketing may be the following expensive; however, it is where the customers now reside.
Once you plan the year, take it monthly and adjust where needed. If you pay for a boosted piece and there is no engagement, cancel the boost and move on to the next one. Take it slow and make notes along the way for next year and how you can grow.