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I Have a Marketing Budget – Now What?

May 10, 2017

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Posted In : Marketing Tips

Previously on our blog, we gave tips on how to make sense of your marketing budget. But after you have set your marketing budget, what comes next? How are you supposed to use that budget to grow your business profitably? Your overall marketing budget should be split into the five areas of marketing: strategy, systems, lead generation, media, and identity.  

A Quick Glossary

 

Strategy

  The crucial backbone of your marketing. Most people who have marketing problems actually have strategy problems. How clear are you about how you’re going to grow your business over the next twelve months? If your strategy involves guesswork, it needs to be improved.    

Systems

  Analytics, planning, CRM, marketing automation—these tools allow for easier segmentation and engagement with leads and consumers. Without these, the marketing has no direction. How are you supposed to know if your website does you any good if you don’t keep tabs on web analytics? Does your Facebook page draw traffic or conversions? How will you communicate with your leads if you don’t have any customer information? These software and tools are able to answer those questions and streamline operating processes. They make the everyone’s jobs easier.

Lead Generation

This might shock you, but this is the portion of the budget dedicated to generating leads. How are your CTAs? Are you using the aforementioned systems effectively to track and measure your leads? How much are your leads costing you? If you’re not sure, check out this blog post on how much you should spend on leads.

Media

Whether you’re running Facebook ads or sending out a mailer, your tactics are important. Be careful not to over budget.

Identity

Your website, your logo—everything that makes you recognizable to the world.   Below we have a sample marketing budget template that allocates what percentage of the budget should go to which category for three types of businesses: the average business, a mature business, and a start-up.
Average Business Mature Business Start-Up
Strategy 15% 5% 15%
Systems 15% 15% 10%
Leads 40% 60% 25%
Media 15% 15% 25%
Identity 15% 5% 25%
  A start-up is going to want to invest heavily in media and identity for its first year. Its website needs to optimized, its visuals should look great, and so on and so forth. Leave money for advertising and for a little lead generation.

  A more mature business will already have its strategy and its identity locked down, and won’t have to spend as much time developing ads. Most of a mature business’s budget should be dedicated to lead generation.  

The average business has more of an equilibrium between lead generation and the other categories, so the template offers a good ballpark figure of how distribute the budget.  

If you follow this marketing budget template, then you’ll be able to profitably scale your business, no matter if you’re just starting out or if you’re a veteran. Now go out and own your marketing!

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