Four Tips to Guide Your Marketing Budget

marketing budgetDeveloping and operating a successful business is a bit like rocket science. A rocket can’t get off the ground without fuel, and your product or service can’t reach your audience without its own fuel—marketing. Treat your marketing budget like it’s an investment in the fuel that will propel your business into success with increased brand awareness, improved SEO rankings, better engagement and improved reputation. Here are four tips that will help you manage your marketing budget to determine how to invest in a plan and develop/implement a comprehensive, leads driven marketing strategy.

  1. Don’t fly blind. NASA would never launch a rocket into space without proper research. Don’t waste any of your marketing budget on campaigns that rely on crossed fingers instead of research. To develop a plan, you’ll need to be able to answer questions like:
    •  What keywords are people using when they search for the product or service you offer?
    • How many site visits do you have per month?
    • How many leads do you generate per month?
    • How many of those leads turn into sales qualified leads (SQLs), and what is the cost to generate those SQLs (cost of web development, digital marketing, video marketing, etc)?

After these important questions have been answered, the path to a better strategy lies before you. You have a more realistic view of your current situation, and you can feel more confident that your marketing budget won’t be blindly spent.

  1. Boldly go where no company has gone before. Thinking outside the box and creativity will help you get the biggest bang for your buck. Separate yourself from the competition through your marketing. Your brand has a unique story to tell that should be present in all your marketing communications. Don’t fall prey to dedicating your marketing budget to campaigns that make you blend in with your competition. If you are looking to make the most impact, you need to be bold and creative. Rocket past your competition with creative digital marketing and innovative ideas.
  1. Blast into the future. Ask yourself,  “Where have I been? Where am I now? Where do I want to be?” These are three crucial questions to ask when building a marketing budget. It’s important to understand what you have been doing that has gotten you to where you are currently at. You must asses what has worked in the past and what hasn’t. If it ain’t broke don’t fix it, but if it is broken, STOP. Make sure to have a clear vision of where you would like your business to be, and  begin initiatives now to get yourself there. Be trendy with 360 degree video and 3D animations, and begin preparing yourself for the future of digital marketing.
  1. Have the right launch code. Get the most out of your marketing budget by using marketing strategies that naturally complement each other. Instead of spending money on two totally different tactics, focus on tactics that enhance the success of the other. For example, digital marketing and search engine optimization (SEO) are two strategies that work very well when done in tandem. Create interesting and informative digital content that gives you an opportunity to have more ways to plug relevant SEO keywords. And take advantage of the fact that SEO generates more traffic to your digital content (website).

You may not be exploring the final frontier, but creating a marketing budget that fuels business is a giant leap for your brand. If your business is ready to blast off and in need of the services of a digital marketing agency, contact MediaFuel in the burbs of Indianapolis (Fishers). MediaFuel has recently been recognized by as one of the world’s Top Video Marketing CompanyFor more tips, for creating your marketing budget, check out FuelGauge’s post “Four Keys to Create a Budget in the New Year“.