Sweating your marketing budget

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Published March 29, 2017

Whatever your budget, the most important thing is that you make the most of it. The only way your business is likely to invest more in marketing and communications is if you can demonstrate the great returns investment can bring. Here are some of our top tips for getting the most from what you have.

Focus

Laser focus on what you’re trying to achieve: check your driving the right objectives for the business and that you’re aligned to the business strategy (a commonly overlooked error). Are you focusing on the right audience with the right message? Have a really clear picture of your desired results and visualise exactly what utopia looks like.

How much?

Talking money is not always easy, but the more you talk about how much things cost the better awareness everyone has on whether you’re spending your budget the right way. Talk to your team and agencies about the cost of various activities, and put them into context. This helps to ensure that the suggestions and ideas you get will be based on the best use of budget. There’s nothing worse than wasting time talking about ideas that you simply don’t have the budget for.

Don’t be caught short

Whilst you’re allocating budget to various activities, make sure you consider what else might happen. Keep funds set aside for projects that tend to go over budget. Allow for a bit of scope creep on projects – we all know it happens.

Planning

We all know planning is the right thing to do, yet rarely do enough of it. But it needs to be said, planning is essential for making the most of your budget. From the outset, agree the plan and stick to it – if something must move then communicate that quickly. Being too fluid and shooting from the hip costs.

Clear briefings

When it comes to briefing, face-to-face is best. Messaging and key elements can easily be lost in translation so ensure your team has the best start to the project by hearing it direct.

Be wary of changes

Multiple rounds of changes cost everyone – agency bills mount up; internal time and resource is taken up; and deadlines start to slip. Gather feedback from all your stakeholders at set times and keep everyone involved aware of when and how they can input in order to manage the changes sensibly.

If you need help making the most of your marketing budget, give us a call on 01483 746 650 or email hello@somethingbig.co.uk.

 

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