FREE MARKETING BUDGET
Free Marketing Budget: Planning Your Marketing Spend
You can do all the fancy planning you want, but if you don’t have money in the budget to execute the plan, it was just wasted effort.
But if you don’t have a budget, there are two major ways you could be stifling your business growth.
- Businesses without a marketing budget tend to waste money on random campaigns that don’t product results.
Recently, I bought a pair of heels to jazz up a little black dress I planned to wear to a ritzy event. The shoes were stunning. They were an expensive, sought after brand -- and they looked amazing! But after two hours of hovering over the cocktail weenies, my dogs were barking so loud I thought the neighbors would call the cops. In English, my feet were KILLING me.
I definitely had buyer’s remorse over the cute -- but deadly -- shoes. I bought the shoes without thinking through my needs for the evening -- the fact that there would be a lot of standing around.
And perhaps 5 inch heels with pointed toes weren’t the most practical selection.
I see this happen to businesses all the time. Spending randomly on marketing with no clear plan leads to buyer’s remorse when the campaign doesn’t product the results expected.
A budget pairs well with a strategic plan -- not only identifying priorities in your business, but assigning dollars based on the value of the activity and available funds.
When campaigns are planned in a thoughtful and strategic way, they are more likely to product results that grow your business.
2. Businesses without a marketing budget tend to over-spend on campaigns.
Over-spending on marketing reduces profit and decreases your return on investment. There’s even a risk of a negative return on investment. To keep that from happening, it’s best to plan in advance how much you intend to allocate to a specific project based on the potential value to your business.
I see a lot of my clients get distracted by shiny object syndrome. Whether is a creative project or a tech tool, chances are there are options and features available that look great on the surface, but aren’t necessary in the long-term.
It’s easy to get side tracked by fancy artwork or functionality that’s not really needed but sounds good at the time. Before long, the finial spend on the project adds up to more than anticipated. Budgeting in advance saves you from pressing “add to cart” too many times.
This budget template is repeatable and scalable -- meaning you can use it for quarterly or annual planning -- and it changes as your business progresses.
Be sure to watch the video training to learn how to make this budget work for you and for tips on how much marketing budget to allocate for YOUR business.