Why Is a Marketing Budget Important?
Most businesses have business expenses but they do not track them as part of a marketing budget. How can you know where you stand against the previous month or year if you are not tracking marketing spending? With a defined marketing budget, you can more easily manage your investments and measure them more effectively when trying to reach new customers or reconnect with existing ones. In this article, we will explore the importance of a marketing budget to ensure you are making the most of your marketing budget.
You likely keep track of your personal budget and carefully consider your purchases and how they will impact your existing balance. For many, this is a correlation between how much you can actually spend comfortably without incurring financial strain while also looking for ways you can save money. This same concept can be applied to your small business’ marketing budget to ensure you are using your money effectively and not flushing away valuable capital that could be used elsewhere.
One other important benefit an established marketing budget provides is the ability to measure the cost of your marketing efforts against the performance of the tactics you are using to more effectively define your strategies. This may include traditional print materials, PPC or social media ads, email marketing and much more. By knowing how much you are spending and the returns those dollars are providing, you will have the ability to achieve great success while effectively leveraging your budget, no matter what size it may be.
No matter what industry you are in, your most successful competitors are already measuring what they spend on marketing. For this reason, the small business sector has seen explosive growth in their involvement in digital marketing. Not only does this help bring awareness to your business, but it also makes you more recognizable than your competitors if your marketing budget is being used effectively.
If you are new to digital marketing, there’s a good chance that it will take a little trial and error to find the strategy that works the best for you. While this may negatively affect your budget in the beginning, you will soon be able to improve your results and decrease your spend as long as you are actively tracking your results and modifying your approach accordingly. For this reason, many small businesses owners will enlist the services of a VCMO or marketing agency for a more hands-off approach.
As a VCMO, I help companies of all sizes strategically manage their marketing efforts to meet their goals. My goal is to ensure that your marketing budget is used in the best way possible to achieve optimal results. By design, small businesses cannot afford the tools needed to aggressively compete with larger corporations but yet they have no choice if they want to stay alive. As the missing link in that puzzle, this is where I come in. One meeting and you are guaranteed to understand what makes my services different from any other marketer you have met in the past.
With over two decades of in-the-trenches marketing experience, Matthew Maennche’s views on developing and supporting a successful business are fundamentally different from the norm. As a developer and strategist, Maennche has helped thousands of businesses of all sizes, both domestic and international, take their organizations to the next level.
Matthew also spends time giving back to the local business community as a volunteer, mentor, and leader for the local chapter of SCORE.