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February 29, 2024
What’s the true value of a dollar? That’s a question marketing professionals often find themselves wondering as they plan their campaign budgets.
In a perfect world, money would be no object and everyone would have free reign to craft the campaigns of their dreams. Unfortunately, in this world, money is an object and nothing is free—there’s a price to execute every idea.
Don’t take this as a sign to get discouraged, though. This blog is packed with insights and best practices for marketing budget planning to help you stretch your dollars further and create unforgettable campaigns!
Wondering how much a marketing budget should be?
Well, there is no one-size-fits-all approach to marketing plan budget allocation, as different businesses have different goals and resources at their disposal. However, some general guidelines exist to help you set up and manage your marketing spend.
First, what exactly are you trying to achieve with your marketing efforts?
Defining your business goals will guide your marketing spending, help you measure success, and track ROI throughout the year.
One of the most common marketing budget mistakes is spreading your efforts too thin trying to target multiple audiences. Trying to reach the masses sounds great on paper, but doing so can often lead to wasted money and messaging that resonates with no one.
You'll achieve better results by concentrating your marketing plan budget on your core buyer personas. When you understand what makes your customers tick, you can plan a marketing strategy that speaks to them.
Image source: Canva
When your marketing team creates a marketing budget template, you shouldn’t just focus inward. You also have to know your competition inside and out. What are they doing well? Where are they falling short?
Competitor analysis and market research will save you money while helping identify gaps to exploit and opportunities to seize. As Sun Tzu said, “If you know the enemy and know yourself, you need not fear the result of a hundred battles.”
Now that you understand what factors to consider when creating your marketing plan budget, here are five proven strategies to optimize your resources!
Focus your spending on tactics and channels that provide the greatest impact. Here are some to consider:
Analyze the customer journey to identify the key touchpoints and moments that influence audience decisions. Social media, short-form videos, and influencer marketing are among the top digital marketing strategies that provide solid returns on your marketing investments.
Some products and services need to be experienced, not just seen or heard.
Immersive brand experiences like pop-up shops, branded events, and augmented reality create powerful emotional connections with audiences, and they’re extremely effective at driving awareness and engagement.
Research shows that consumers prefer brand experiences over traditional advertising. So, while determining next year’s marketing budget allocation, make sure to devote a portion to experiential and interactive campaigns.
Related article: What Is Experiential Marketing?
Image Source: Drive
Implementing data-driven decision-making will remove the guesswork and ensure you always get the most value from the marketing dollars you spend. Make sure to track performance indicators like social reach, website traffic, lead generation, sales impact, and customer sentiment to guide where to increase or reduce marketing spend.
When it comes to optimizing your marketing plan budget, remember this: overinvesting can drain resources while underinvesting hinders goal achievement.
Here’s how to find the marketing budget planning sweet spot:
Ultimately, when it comes to meeting your marketing goals, you should be looking to spend what’s needed to make your mark without breaking the bank.
To truly become a marketing budget planning champion, you need to establish ongoing processes for optimization. This ensures you continuously squeeze the most impact out of each dollar you invest, turning your marketing team into a lean, mean, ROI-generating machine.
Processes for optimizing marketing budgets include:
Just as there’s no rule as to how much a marketing budget should be, there’s no rule that optimizing yours has to mean sacrificing engagement or impact. You can achieve your business goals without bleeding your company’s finances dry.
If getting more bang for your buck with experiential marketing (XM) piqued your interest, The Concierge Club is who to call—we literally wrote the book on it. Our industry-leading playbook is packed with marketing strategies and insights, including how to budget for events in XM campaigns, how to measure your marketing investments, and more.
If you’re still not sure where to start, reach out to our team to find out how we can make the most out of your marketing budget.
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