One of the key aspects of business success is goal setting through the development of marketing plans and budgets.
When working together with our clients to develop their marketing strategy, calculating budgets is probably the part that our clients find the most difficult. This is an estimated cost that will be required to implement the strategy and knowing this helps us to make achievable, cost effective recommendations.
There is no definitive answer to what a budget should be as it is based on your individual goals, how much marketing will be required to achieve those goals and the level of competition in your field.
The key is knowing what outcome you are seeking from your marketing, based upon acquisition or re-connection (i.e. I want 10 new patients for this type of service per week) and then converting what that means into a dollar amount, thus allowing you to properly set a realistic budget. So, if your goal amount is an increase of $10,000 in a particular type of new business per week, then you need to determine what you are prepared to invest to achieve this. You still want to maintain good profitability, but you will need to invest.
Importantly, you also want to measure the success of the marketing activity and what it has delivered to you so you can be sure you are getting a good ROI (Return On Investment) and then optimise the tactics that delivered the most bang for your marketing buck.
Don’t be like Alice…
Alice: Would you tell me, please, which way I ought to go from here?
The Cheshire Cat: That depends a good deal on where you want to get to.
Alice: I don’t much care where.
The Cheshire Cat: Then it doesn’t much matter which way you go.
Alice: ...So long as I get somewhere.
The Cheshire Cat: Oh, you’re sure to do that, if only you walk long enough.
If you’re wanting to increase and improve your business through marketing, and you’re doing this without a marketing strategy that has identified your goals and has a formulated plan in place with a supporting marketing budget, AND you’re not measuring outcomes... chances are that like Alice, you are sure to get somewhere… but is it where you want to be?
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