Do you think your Small Business Marketing Budgets are important?
If you answered, yes. Then you are on the right track and reading this post will help you understand the importance of your small business marketing budgets. If you answered, no. You definitely want to keep reading and you might want to check out our FREE DIY Marketing Guides immediately after reading this article.
Let’s talk BUDGETS!
We call this the B word. Not the B word you might be thinking of though. When we start working with a client we complete a strategic plan and a marketing plan prior to implementing any marketing tactics. That’s just the right thing to do. It gives our clients a clear snapshot of their company and the options to getting better at marketing and increasing sales. When budgets come up it is always a touchy subject. This usually means that money needs to be spent. But that’s not all we talk about in a budget. We talk about Time, People and Dollars. Why is this important?
When we talk about time we are referring to the about of time it will take to complete a tactic or campaign. This is important because we all know that nothing happens overnight.
Example: If a customers goal is to get their website ranking better on Google then this will be associated with a long term goal. Minimum of 12 months of work. But guess what, if you don’t keep at it your site will drift away into the sunset.
Example: If the goal is to build a community on Facebook then this can be done a little faster. Keep in mind that this too is not a get rich quick strategy. You are building relationships with people over a period of time. Your goal is to be on the top of their mind when it comes time for them to buy a product that you have.
So, you need to put a time limit on these campaigns. Now you need to assign people to the time factor.
Every marketing tactic takes people to implement. 75%-80% of marketing is research and preparation. We call this the heavy lifting. All of the research, analysis, writing, production and planning that goes into creating a successful campaign. The final 20% is the easy part. The posting, community management and other various tasks.
Example: The marketing plan calls for an email marketing campaign to nurture a customers list of 5,000 potential customers to generate more repeat sales. We will need to create content, emails, graphics and landing pages just to name a few things. Even after everything is created we will still need to test and tweak the campaign to get the best results. This will be an ongoing process for the life of the campaign. In the meantime we will be working on the next marketing campaign. No campaign lasts forever. Now you assign the people to produce the desired results.
Everyone loves to spend those dollars on marketing. Ha! Nobody likes to spend dollars on marketing. Instead of people look at it like investing in their business. Would you spend 10k to make 30k, 50k or even 100k? We hope that would be a yes. If not, you might want to get a backup plan for when your business fails. There is a reason why all of the larger companies invest in marketing. They don’t do it to just throw money away.
Example: A small business wants to grow their Facebook community and market their products to them. The problem is that they only have 50 Facebook Fans. Here is the bad news. They will need to have at least 1,000 fans in order to target Facebook Ads to them. Can we build a community. Heck yes. Will it take time, people and dollars. For sure!
Once we reach the 1,000 mark we don’t want to stop growing. We will want to continue that campaign and add another campaign to actually market products. Can you just advertise to random people on Facebook, Google or Bing? Yes! But this campaign will be far less effective in the long run. Plus you will not have any information about the people you are marketing to. Make sense? Is this marketing tactic simple? No! Is it important to have someone help you? If you want it done right and you don’t want to wast money.
- Do you think having a Strategic Plan is important?
- Do you think having a Marketing Plan is important?
- Do you think that Small Business Marketing Budgets are important?
Small Business Marketing Budgets keep you on track to achieve the sales growth that you want. By setting sales goals and marketing budgets your small business in more likely to succeed vs. winging it and hoping for the best.
How do you get going in the right direction? We offer a FREE 1 hour Business Marketing Strategy Session Call to businesses that are serious about increasing their sales.