Squeeze Maximum Results from Your Marketing Budget
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Squeeze Maximum Results from Your Marketing Budget
I’ve seen this with marketing budgets in the millions of dollars, as well as with marketing budgets in the thousands of dollars.
This means you have to make choices. You have to choose which marketing tactics to deploy. And choose how much you should spend on your marketing program.
How much to spend
Industry statistics show that – generally speaking – marketing budgets fall within the range of 2% to 5% of sales (i.e. turnover). This applies to a wide cross section of industries.
However, use those figures with some caution. Your marketing budget requirements are often determined by what you are trying to achieve for your business. In times of market penetration, or during drives to obtain more clients, your marketing expenditure may be higher than usual.
During a recent marketing workshop I presented my Marketing Mind Map concept to delegates and explained how this is used to focus on the marketing tactics you need to be effective.
Create a marketing budget
Once you have decided on the tactics, you can place a cost on the tactics and structure a month-to-month marketing budget.This also allows you to get an idea of expenditure required over different months. Then you can align expenditure with revenue flows to ensure adequate cash flow.
This approach also means that you are not as susceptible to taking up promotional offers ‘on the spot’. This is particularly the case for local sponsorships and advertising in local and industry publications.
These opportunities can be costly if they don’t bring in results. Unless it is part of your pre-arranged marketing schedule you should think twice before committing to them. If they are truly worth inclusion in your budget, maybe you should reallocate funds so you can still meet your overall objectives without going over budget.
One of the major keys to being successful with your marketing is to have a plan you are following. No matter how big – or small – your marketing budget is, by following a planned approach you will squeeze maximum value from your investment.
Squeeze Maximum Results from Your Marketing Budget - To learn more about this author, visit Stuart Ayling's Website.
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A common problem for all businesses is not having enough money to put into place all the possible marketing ideas. Quite simply, promotional opportunities exceed the budget available.
I’ve seen this with marketing budgets in the millions of dollars, as well as with marketing budgets in the thousands of dollars.
This means you have to make choices. You have to choose which marketing tactics to deploy. And choose how much you should spend on your marketing program.
How much to spend
Industry statistics show that – generally speaking – marketing budgets fall within the range of 2% to 5% of sales (i.e. turnover). This applies to a wide cross section of industries.
However, use those figures with some caution. Your marketing budget requirements are often determined by what you are trying to achieve for your business. In times of market penetration, or during drives to obtain more clients, your marketing expenditure may be higher than usual.
During a recent marketing workshop I presented my Marketing Mind Map concept to delegates and explained how this is used to focus on the marketing tactics you need to be effective.
Create a marketing budget
Once you have decided on the tactics, you can place a cost on the tactics and structure a month-to-month marketing budget.This also allows you to get an idea of expenditure required over different months. Then you can align expenditure with revenue flows to ensure adequate cash flow.
This approach also means that you are not as susceptible to taking up promotional offers ‘on the spot’. This is particularly the case for local sponsorships and advertising in local and industry publications.
These opportunities can be costly if they don’t bring in results. Unless it is part of your pre-arranged marketing schedule you should think twice before committing to them. If they are truly worth inclusion in your budget, maybe you should reallocate funds so you can still meet your overall objectives without going over budget.
One of the major keys to being successful with your marketing is to have a plan you are following. No matter how big – or small – your marketing budget is, by following a planned approach you will squeeze maximum value from your investment.
Squeeze Maximum Results from Your Marketing Budget - To learn more about this author, visit Stuart Ayling's Website.
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John PowerJohn Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website |
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Kim CastleWith nearly two decades in the advertising and design business, with clients like Domino's Pizza, General Motors, Direct TV, Pedigree, Wolfgang Puck, Higher Octave Music, Hollywood Celebrity Products, Disney, and Paramount, as well as thousands of entrepreneurs around the world define, structure, communicate, and position their business for greater profits, BrandU(R) co-creators Kim Castle and W. Vito Montone discovered that entrepreneurs could experience the same power that big brands command for a fraction of the cost with the world's only process-based results-drive Integral approach to business creation. BrandU(R) is helping entrepreneurs grow with the power of extreme clarity from idea...to brand...to market(TM) and helping one million entrepreneurs become successful and whole so that they can make a difference in the world. Are you one of them? If you want to experience clarity all the way to the bank(TM), get started now at http://www.brandu.com. - Visit Kim Castle's Website |
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Jeff FosterWebBizIdeas.com is a Minneapolis website design company founded to help people start an internet business by providing them with website, business, and internet resources that help foster the growth of successful online businesses and develop innovative Internet business ideas. We specialize in internet consulting & internet marketing. - Visit Jeff Foster's Website |
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John BrennanJohn Brennan Ed.D. Dr. Brennan is President of Interpersonal Development, LLC, a training and development firm. Interpersonal Development has provided sales training and coaching to more than 3,000 sales reps from over 100 companies. A native of Australia, Dr. Brennan received his doctorate from the University of Rochester. His dissertation researched the effectiveness of Behavioral Modeling Technology in training people in interpersonal skills. While he has spent most of his career designing or delivering training, he was also a Vice-President of Sales of a training and development franchise with operations in 25 markets. Dr. Brennan has designed and delivered sales training in North America, Asia, Europe, Australia and the Middle East. He has been a guest speaker at numerous national and regional professional conferences. When Microsoft wanted Best Practices articles on sales for their web site, they called Dr. Brennan. The results are at http://office.microsoft.com/en-us/FX011387391033.aspx His firm’s clients have included Volvo, The Prudential, Merrill Lynch, Eastman Kodak, Gannett, Equifax Europe, the Economist Group and countless small businesses. - Visit John Brennan's Website |
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Stephanie RobeyStephanie Robey is President and CoFounder of Pivot Positive, LLC - an Internet marketing business focused on helping people start work at home ventures. Previously, she was employed at The Search Agency with over 20 years experience in graphic design and 10 years experience in online marketing. She was responsible for launching the Conversion Path Optimization (CPO) unit where she and her team have conducted hundreds of optimization tests for online companies across multiple verticals. She is a successful entrepreneur having started and sold 2 companies and remains on the board of directors of the third, PhotoSpin.com Stephanie began her career in the direct marketing realm creating and producing direct mail for many of the major cable television companies and directly attributes her understanding of Internet marketing to those early offline experiences. Stephanie is a graduate of San Diego State University with a BFA in Graphic Arts and also holds an Executive MBA from the Graziadio School of Business and Management at Pepperdine University. Read Steph's Blog Meet Steph and Dave Sign up for our Free 7-Day BootCamp: Self Employed & Rich - Visit Stephanie Robey's Website |
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