Nobody likes budgeting and crunching numbers, so we thought we’d help you out with some tips to get the ball rolling at this critical time.
Budgeting for your marketing is something we all need to do, but it’s not just a procedural matter, it’s a necessity. It might sound more exciting if you consider that your business doesn’t simply live to survive and that customers do need to know you exist… or you won’t have any customers at all! That’s where marketing comes in, connecting your message with the consumer.
Being organised with your marketing ensures you have a plan with clear goals and know exactly what you’ll be spending so there are no nasty surprises along the way. Continuous marketing also stops huge advertising spend when people are failing to walk through the door!
Soak up the tips below when it comes to creating your ideal budget and so you truly reap the most out of it. Scott or Ashlee are more than happy to discuss any of this with you personally, if a cuppa and a chat is more your style!
What is classed as ‘Marketing’?
Marketing is classed as branding, corporate style, collateral, digital tools, advertising and ongoing promotion for your business. This could potentially include funds for PR, production, printing and media costs.
If you’re a new business, you are better off separating your ‘set up’ marketing costs such as your IT/CRM, Stationery and Website and looking at a second budget that includes ongoing promotional material and media, which will give a better indication as to what you will spend in the next 12 months.
How do I work out my marketing budget?
Each industry has a slightly different percentage of their turnover to dedicate to marketing.
Your marketing budget should be calculated as a percentage of your proposed turnover for the coming financial year. For example, retails often use 3-4% as a figure, while car sales can be as high as 10%.
Will having a budget save me money?
Short answer – yes. Marketers work well with budgets. It’s not about spending your money – it’s about doing our best to expand what is delivered within that budget into the most critical and potent areas you require. It’s about value and return on investment. We always say if you’re successful, we’re successful, then everybody wins. That’s the ideal situation.
How will I know what I need?
If you have no idea what mediums are right for your business, and what messages you need to send out there, the development of a Promotional Plan is what you’ll need. Content is vital. Don’t believe that if you build it… they will come. That’s for the movies.
Jack in the box have access to the most up to date consumer and media data and can consolidate this for you with production and media budgets so you know EXACTLY what you will be spending for the entire year ahead. We also manage this entire process for you throughout the year at no additional cost, so you can focus on the most important job – your business.
Once a budget has been decided on, feel free to pop in for a pro bono consultation to receive the best possible outcome for your business this coming financial year. We’d love to see you and assist where we can!