Hashing a budget can be tough if you don’t have the right strategy. Here are the top 5 tips to make that happen.
Track Your Expenses
All marketing expenses, including your advertising budget, should be reviewed on a quarterly or even monthly basis to reflect your organization’s spending and return on investment. This can get complicated and tricky if multiple people, such as employees or contractors, have access to your company card for ad expenses. To more accurately and effectively track ad spending, organizations can consider using a dedicated accounting or financial tool that your whole marketing team can access. Certain programs and applications can make it easier for employees to invoice expenses and have senior management oversee and approve them.
Set Goals
Now you know what phase your business is in, your current or future sales funnels, and how much it costs to run your company. It’s time to set goals.
Use Complementary Strategies
You can get more out of your marketing budget by distributing it among strategies that naturally complement each other. Rather than investing in two completely separate tactics, you can invest in two tactics that naturally enhance each other. For example, content marketing and SEO are two strategies that could feasibly be invested in separately; but if you invest in both of them, each will help the other see better results. In this case, content will give you more opportunities to build relevance for your target SEO keywords, and SEO will drive more traffic to your content so it gets more views, shares, and conversions.
Keep the Team on Track
Marketing budgets allow you to keep track of where you’re at, and where you’re going. With a proper budget in place, you can determine how much you’ve spent. More importantly, how much you’re making on the back of that.
Monitor Your ROI and ROAS
Return on investment (ROI) and return on ad spend (ROAS) are two key metrics that you’ll want to keep an eye on. It’s not always so easy to track, though. With a proper marketing budget in place, you can ensure the right metrics are being tracked. If you know how much profit you’re making and how much you’re spending, you can ensure your budget is being appropriately allocated.
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