Aligning marketing budgets with organizational goals
What criteria should you consider to help you define your marketing budget? Review how you align your marketing budget with overarching business objectives and strategies. […]
Insights
The words “marketing” and “quick fix” go together like oil and water. Many business owners throw their whole budget into a magazine ad or mailer, thinking that the possibility of an immediate payoff is the way to go. Some call it ROI. This one off type of marketing is a gamble and it rarely pays off.
Looking to really succeed in business? The key is to shift the focus from short-term.
When it comes to developing a consistently effective marketing program, you need to think medium to long-term. Your strategic marketing plan, brand and website especially need to span 3 to 5 years or more in scope, and your expectations for ROI need to match. Expecting a quick return on a website is like putting money into RRSPs in the spring and expecting to retire in the fall.
Our advice is to amortize your marketing costs over the benefit period (usually 3 to 5 years). The worst-case scenario is that you throw a pile of money at your marketing today, and next year you’ve blown your budget and can no longer support your marketing plan. Budgeting your marketing as an ongoing monthly cost helps ensure that your efforts remain both manageable and consistent for years to come.
If you don’t have the cash on hand to begin investing in your marketing, we recommend financing your marketing initiatives through either your bank or a business-centred organization like the Business Development Bank of Canada (BDC).
The BDC offers two excellent, easy-to-access programs, geared specifically to business owners:
This tech-focused financing option is available to businesses of all shapes and sizes. It includes financing for CRM systems and marketing consulting services including strategy, online marketing and social media marketing. You can apply online and turnaround time is quick. Learn more here…
This flexible, low-interest financing option can be used to fund trade shows, marketing efforts and equipment purchases. You can begin your application online and it only takes 2-5 days to process. Learn more here…
We are small to medium-sized business experts and are proud to be the top marketing agency for many Winnipeg-based companies. If you’re interested in learning more about the next steps and receiving a free consultation, simply provide your email address:
What criteria should you consider to help you define your marketing budget? Review how you align your marketing budget with overarching business objectives and strategies. […]
Different industries have different benchmarks when they define how much to invest in marketing. Understanding your business marketing budget against industry standards can provide a […]
There are certain strategic considerations involved in allocating resources for internal marketing efforts, external agency collaborations, and other initiatives like media or sponsorship buys. Achieve […]
