Creating a Marketing Budget
Marketing is an investment that, when done properly, increases your client base, improves your sales, and grows your overall revenue. Like any investment, it needs to be measured to make sure every dollar is working for you, and it all starts with setting an appropriate budget.
How much is the right amount? It really depends on the company, and the overall goals and objectives the company want to achieve during the year. At BottomLine Marketing, we advise our clients to allocate 3-10% of their overall yearly revenue for their marketing campaigns. The budget can include allocations for:
- branding campaigns
- digital campaigns
- traditional media buys
- print material (including business cards)
The cost of marketing will vary depending on your needs, and the style of campaign you choose to run. For example, when you run a digital campaign, your marketing budget is dependent on the online platform(s) you target, and the frequency of your ads. Traditional media, which involves print ads, television and/or radio ads, and billboard campaigns, also varies in cost depending on the publications, the stations, or the locations you choose for your ads. Pricing will even vary from city to city.
The type of campaign you choose to run really depends on the goal you want achieve for your business, and where your target audience spends their time. A branding campaign operates very differently from a call to action (CTA) campaign. Branding keeps you top of mind for your client and typically runs for a longer period of time with less frequency than a CTA, which usually has a high frequency of ads running until a specific date.
At BottomLine Marketing, we carefully study our client’s business model, and their target audience, to create an appropriate budget for each campaign throughout the year. This way, we can create a strategic and effective marketing plan that will boost revenue.
Are you interested in learning more about creating a marketing budget? Give us a call at 403-464-7554 and let’s talk about how we can help you!