creating a marketing budget

Are You Spreading Your Marketing Budget Too Thin?

May 31, 2022 | DAE & Company, Marketing

We love all things marketing here at DAE & Company, which is why we absolutely understand how easy it is to get excited about new marketing campaigns, channels, and strategies! It’s our love of all things marketing that also makes us appreciate a strategic marketing budget. Creating the right marketing budget for your business is essential. If you try to tackle too much at once with your marketing budget, you’ll likely be spreading yourself too thin – resulting in missed opportunities, and oftentimes, very little impact felt from your dollars spent.

When a new campaign idea, channel, or marketing initiative comes along, make sure you stay focused on your target audiences and overall objectives. Reaching the right people at the right time with the right messaging should always be the driving force behind your marketing strategy and budget. Here are a few tips and ideas from our team of marketing professionals on how to keep your marketing efforts streamlined and impactful.

Start Small

It’s so important to find the right mix of marketing channels for your business. You don’t need to be on every social media platform, and you don’t need to run a print ad in every local magazine available. You need to first understand who your target audience is and which channels and mediums they prefer and start there.

Focusing on fewer channels allows you to test your messaging to really find the campaigns that resonate with your target audiences. You can also optimize your campaigns for higher reach and frequency, to really dominate on those channels. Find the right mix of messaging and mediums, then grow your marketing presence as you start to see results

Think Through the Full Buyers Journey

Different marketing strategies and channels are often better suited for different stages of the buyers journey. Focus your marketing efforts accordingly, so you can build a solid pipeline that will provide returns in both the short and long term. As you start to see leads or sales, you can adjust your budget, reallocating between campaigns to get more results from different stages of the funnel.

Combine the Right Channels

As important as it is not to spread your marketing budget too thin, it’s just as important to diversify your marketing efforts. You don’t ever want to be overly reliant on any one form of marketing. Digitally, a mix of paid and organic efforts should work together to bring you short and long term results. Budgeting for a healthy mix of marketing channels will protect your budget and your results.

Let Your Branding Be Your Guiding Light

With a solid brand strategy in place, it will be easier to find the right mix of marketing channels. It will also be easier to craft impactful, effective marketing campaigns across channels. An investment in a rebrand or brand guidelines will always save you money in the long run when it comes to implementing effective marketing and sales strategies.

Keep Things Consistent & Give It Time

Don’t reinvent the wheel with every marketing campaign or for every marketing channel. Keep your campaigns and your branding consistent and cohesive. Repurpose elements for each channel, so your audiences recognize you, wherever they find you. Allow your campaigns to evolve and improve. If you’re changing tactics and channels every month, you’re never going to get over the initial “learning phase” that new campaigns often require. While campaigns can certainly generate instant wins, most require thoughtful optimization over time. With a little patience and lots of hard work, you’ll see success!

Pay Attention to Results

No matter how big your marketing budget is, you need to pay attention to your results. Watch for peaks and valleys in performance very closely. Understand exactly where your money is going, what it’s supposed to be doing, and how each channel is working for you. Sticking to your marketing budget doesn’t have to mean you waste money on channels or campaigns that don’t perform. Be agile with your decisions, but base them on data and results. If you’re not seeing regular reports on how your marketing dollars are impacting your bottom line, you need to start asking for them!

Marketing is a Long Game

Although you may see immediate results on some platforms, marketing & advertising is a long game. As your market starts to recognize your outreach and your brand begins to take root, business will increase. But it is important to keep investing in marketing & advertising. If you start and stop or if your budget decreases dramatically, you will lose momentum. It may not happen immediately, but you will feel the effects. Committing to a continuous, strategic, long-term marketing & advertising campaign will be the most beneficial to your business and to your brand.

Are you ready to invest in a rebranding project that will save you money down the road? Or are you looking for help in developing a more successful, sustainable marketing budget? We’re here to help! We’re a marketing team made up of thinkers, questioners, and doers, and we can’t wait to help you see better results from your marketing!

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