Everyone has unique priorities when it comes to spending money and sometimes marketing doesn’t even make the short list.
The first question we ask a new client is, “What is your budget?” Usually that’s when we see the client cringe and say: “I don’t know! I just don’t want to spend a lot of money.”
Why do you need a marketing budget?
Simply put – because you need to market! Successful marketing can certainly do its part to launch a start-up, grow a brand, shatter a plateau and even turn around a business – it is the one tool your business can’t live without.
So bearing that in mind, if you do not have a budget for marketing, two things will happen:
- You will not spend time on making your services and products attractive to potential and existing buyers.
- Your business could fail because potential buyers will not be aware of new and existing offerings.
How to determine your budget: Two schools of thought
- Zero-based budgeting is done by listing and pricing out all the strategies in your marketing plan to and then calculate the costs involved.
- Goal-based budgeting uses past budgets and results to determine future budgets. For example, if you want to double your audience, goal-based budgeting would suggest doubling your marketing budget.
It is advisable to use both schools of budgeting to narrow the area of budget focus and come up with realistic, workable numbers that align with marketing goals.
Here are some additional budgeting tips:
- Newer organisations should allocate even more money to marketing. Over time, the percentage can be reduced.
- Remember the 6:1 rule—it takes six times as many rands to bring in a new customer as it takes to keep a current customer. Allocate your budget accordingly.
Before you can set up your marketing budget:
You need to determine a few things which includes but are not limited to:
- Who is your target market?
- What message do you want to convey?
- How are you going to track the effectiveness of each campaign?
- What results do you expect?
- Who is your competition and what marketing methods do they use?
How we can help you:
At Wired Ink we offer several marketing solutions:
- Logos & Identity Design – Corporate identity and branding.
- Website Design and Hosting – From basic to more complex, with blogs and social media integrated and e-Commerce. Our websites are mobile friendly.
- Flyer and Brochure Design – All shapes, sizes, finishes and quantities.
- Advertising and Marketing – Newspaper ads, Magazine ads, Online campaigns.
- Business Cards – Printing and design, specialty finishes and prints.
- Professional Photography – Products, Weddings, Conferences, Social Events, Property/Estate, Business Premises.
