Developing an advertising budget is an important step in your strategy, and when allocated appropriately can be the corner stone to company growth and an increase in conversions.
Hint: more money. Who wouldn’t want that? Here’s what to consider while you’re planning:
Your marketing strategy. Get organised with your marketing strategy. Set a solid foundation so that your allocated spend is going towards your strategic goals. Be clear on your expectations. Your marketing strategy leads to content and campaigns that will educate your potential customers, show them the value in your business and grow your brand.
Your target audience. Who are you targeting, and what media type are they most likely to respond to? Compose a target profile with your ideal customer’s characteristics, their age, income group, lifestyle and what kinds of media they are most exposed to in their everyday life. This will aid in shaping the advertising message, and help deciding where you will spend your allocated budget.
Allow for expenses. Businesses often make the mistake of limiting their advertising spend to costs like traditional, digital and social media campaigns. All important aspects of the advertising budget, but a true plan will also include expenses like the initial concept planning, and ongoing monitoring your advertising efforts. Be realistic with the time spent on your advertising needs, and spend in areas that you can learn from, to replicate success in future campaigns.
Moving to an online space. “The average user spends over 25 hours online per week. As a result, the Internet represents one-third of daily media use,” according to The Outdoor Advertising Association*. In the last year, 28% of marketers have reduced their traditional media budget to fund more digital marketing. The growth in digital marketing and online competition means that your budget should reflect the development of your company’s web presence.
Marketing audit and corrections. How effective is your content marketing, and have analytics been budgeted for? There’s no point developing a sales generated budget for marketing if you’re not going to bother auditing and refocus your funs into what’s working best.
An advertising budget represents an investment in building your company’s success. Considering these factors will strongly influence your marketing climate. Of course, if you need assistance with your budget, strategic goals or media planning… you know who to call.
*Outdoor Advertising Association of America, 2015. Media Comparison. Sourced from, https://www.oaaa.org/OutofHomeAdvertising/MediaComparison.aspx