Costs are rising and revenue is falling. With the new financial year around the corner, you are not alone in searching for ways to save (and make) money.
The temptation to cut back on your marketing spend will be great. But slashing your marketing budget isn’t always the best option for your business. Especially when times are tough and it’s already difficult to get in front of your ideal audience.
Instead of automatically reducing your marketing investment, it makes more sense to review what you’re doing to identify what’s working and what’s not. To do that, you need to take a deep dive to ensure you’re getting the most bang for your buck - here’s how.
1. Review your current marketing budget
Where did you spend your marketing investment this year? If you didn’t get the results you wanted, it’s time to try something new. If you did get some return on your investment, can you pinpoint what you did right? Understanding your ROI, knowing which channels worked for you and identifying where your budget went is key when planning for the new year.
2. Assess your financial position
Get the jump on tax time by examining your current financial position to see how much you can spend on marketing. Set aside a percentage of revenue for marketing, ideally between 5% (B2B) and 10% (B2C).This is also a good time to explore your eligibility for business grants and funding to boost your potential marketing budget for the new financial year.
3. Understand your business goals
Revisiting your business goals is vital to marketing and budgeting. When you have clear goals, it’s easier to measure progress and focus on the right strategies. Have things changed for your business over the last year? Do you need to rethink your marketing plan? Aligning your marketing efforts with your business goals is fundamental to marketing success.
4. Refine your marketing strategy
Your marketing strategy should align with your business goals and guide your marketing budget and efforts for the new financial year. Do you want to create awareness? Are you hoping to build consideration? Or do you plan on increasing conversions? Your strategy should clearly set out what you want to achieve and how you will measure it.
5. Create your new marketing plan
Drawing on all four of the earlier points, your marketing plan sets out how you’ll market your business in the new financial year. This is where you’ll decide on the channels and platforms to target, the types of marketing you’ll use and where you’ll allocate your budget. Remember, your marketing plan and budget should align with your overall goals and strategy.
When it comes to planning out your marketing budget, you can’t afford to skimp over the details. Spending time firming up your business and marketing fundamentals before the new financial year is the best way to maximise your marketing investment and see you through economic uncertainty.
How to maximise your marketing budget
If you’re struggling to get the most from your marketing investment, it might be time to partner with a marketing expert. With so many approaches to choose from, it’s a relief to be guided by someone who knows the ins and outs of marketing and can guide you through it.
Poppy Seed Media specialises in a range of digital services, including paid advertising, organic marketing and social media. Take the stress off by talking to us about your marketing planning and budgeting needs - we’re here to help!
Schedule your complimentary 30-minute discovery session with Poppy Seed Media now to speak with one of our specialists about your digital marketing needs. We can’t wait to chat.
Michelle Trimble is a degree qualified marketing specialist who is passionate about breaking down the barriers business owners face when it comes to digital marketing!
After nearly 10 years working in the industry, Michelle decided to start Poppy Seed Media with the mission to provide more accessible marketing services.
Every business has the right to incredible marketing!
Michelle has provided marketing training to hundreds of individuals, working with businesses around the world to improve their overall strategies. Locally she is a marketing trainer for Central Coast Community College and will be launching her own series of online social media marketing courses later this year.
If you would like to book a 30 minute free discover session with Michelle, you can connect with her here.