Statistics show that the average marketing budget for business-to-business firms is 13% of the company revenue.
How does your business decide how to spend the budget? Are there monthly limits to the spending? What happens once you reach your budget amount?
The ability to stretch the marketing budget will allow you to do more without wasting any dollars on things that are not benefiting your business in any way.
Keep reading to learn more tips for your marketing budget allocation and how you can use it to help your company.
Communicate The Marketing Budget Allocation
One key to sticking within the marketing budget is that everyone in your business knows what the budget is. It will be more difficult for employees to adhere to the budget if they aren’t sure how much spending is allowable on certain projects.
Determining the focus areas of your marketing approach will allow you to rank which ones are most important to your strategy and the cost of them. For example, you may be able to use SEO practices more often than other forms of paid marketing.
To learn more about SEO and SEM best practices, click on this link.
Where Can You Get The Most Benefit
Another way to divide your marketing dollars is by determining where your business can get the most benefit. For example, if you find extreme success off of website banner ads, you will want to put more money into this approach than an area that gives you little to no return.
Any areas where you can reuse existing content or put together low-cost, high-return options will give you more upside when it comes to your budget than a very expensive commercial shoot that only leaves you with a few pieces of content to use.
Do More In-House
Completing as many of your marketing projects as possible in-house can help you save money and expand the potential of your budget. A big part of this is that outsourcing saves time but can add to the production cost.
If you have a creative team that can execute the same projects as a part of their daily tasks, you won’t need to spend the extra money on paying a different company.
Moving forward, you can look into other areas in which you may be able to save by brainstorming marketing ideas that your existing team can already do. Your group of interns could become your street team to promote products and gain experience in different forms of marketing in the process of the project.
Begin New Marketing Today
Now that you have read more tips for your marketing budget allocation and how you should divide it, you can begin new marketing strategies today.
It is important to reference your budget as a guide and continue exploring options that allow you to make the most of your budget. Check out our website for more helpful articles like this one.