Marketing Budget Mishaps We’re All Guilty Of
Intro content While statistics can tell ad execs a lot about what’s working and what isn’t, the subjectivity of marketing often supersedes fact. It lives in the minds of creatives tasked with campaign ideology that must persuade prospects and existing customers to buy in and convert. Together, they partner with sales. But there’s a price in the typical disconnect.
Success stories in digital and traditional marketing spends are founded on some basic principles that often get lost in one-off trends.
Before you start identifying how your marketing budget will be spent for 2019, take a look at your performance this year. Use the following as a guideline. It might be painful. Nonetheless, it will serve as a powerful reminder of what’s important for strategy going forward.
4 Marketing Budget Mistakes to Avoid:
- Forgetting Who You Are. Revisit the company mission and vision. Review your current position and how you stack up against competitors. Do your marketing initiatives define your product/service brand? If not, you’re marketing spend is off-target.
- Clueless about Customers. When was the last time you did a survey or email campaign that focused on existing customers? Do your social media silos help identify and define who your business aligns with best? Who you want your customers to be may not equate to who they really are.
- Knee-Jerk Reactionary Spends. Fear of missing the boat on being part of whatever is trending in marketing looks a lot like throwing money down the drain. One-off initiatives are more effective when they can be embedded into a larger, ongoing campaign. Cross-channel marketing works.
- Buying Social Boosts. Consumers are savvier than ever before. If a social post has a lot of views but minimal engagement, you’re not fooling anyone. People want their info real and raw. Don’t waste a lot of your budget on boosts or paid ads, build your audience organically with substantive content and real time interaction.
Need a Deeper Dive into Marketing Budget Strategy?
Additional Marketing Tip
''An annual marketing budget is like winning the lottery. You have dollars at your disposal. Spend them well and the investment grows. Spend them wrong and you're back at zero.'' - Melanie Stern #marketingbudget2019
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For more insights into the best ways to formulate marketing campaigns and how to distinguish wise budget spends, canvass these resources from our blog:
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