Identifying the best ways to segment and prioritize your company’s marketing budget is vital if you want to be successful. You need to allocate budget to everything from stock photos to social media management tools, and you’ll also want to have a little cash left over to one side in case of unexpected extra expenditures.
The good news is that there are plenty of specialist companies out there who can help you to prepare a company budget for your marketing campaigns. These range from thesis help companies and freelance writers to accountancy firms and business mentors.
Of course, if your budget is limited to begin with then you can cut down on costs by preparing the budget internally. Before you do that, though, you’ll need to familiarize yourself with the basics to make sure that you’re distributing your marketing budget in a way that will be effective for your company. Here’s what you need to know.
How to Distribute the Marketing Company Budget
1. Content creation
Content creation is one of the cornerstones of modern marketing, and indeed it’s the foundation of inbound marketing, an approach that relies on bringing people to you. Content creation takes time and time equals money, so don’t be surprised if the bulk of your budget has to be allocated to content creation. Budget for everything from social media updates to written, visual and video content.
Advertisements are a great way to ensure that your content reaches as many people as possible, and indeed they can also be used to directly drive business as a strategy in their own right. At the same time, advertisements shouldn’t be used in isolation, and it can be a good rule of thumb to budget for everything else first and then to assign the rest of your budget to ads.
3. Web/app design
Web/app design isn’t always required, but if you’re planning on building a microsite or even adding new sections to your main site, you’re going to need professional designers/developers to make your vision a reality.
4. Third-party tools and software
Third-party tools and software can save you money by stopping you from needing to develop custom software of your own. Here, we’re talking about everything from ad management tools and A/B software to analytical tools and APIs.
5. Buffer zone
The marketing industry is evolving at an astonishing rate, and companies often find it hard to keep up with the latest trends. This also means that we can end up being blindsided by sudden expenses that we had no way of anticipating. This is true in business in general, but it’s even truer for marketing. The only real way to prepare for this is to assign a certain amount of our budgets to a “buffer zone” so that when an unexpected expense comes up, we have some cash available to deal with it.
Now that you know how to distribute your company’s marketing budget, it’s over to you to revisit your own budget and to make sure that you’re putting your funds to good use. Remember to leave a little bit of a buffer zone by saving up some extra cash in case of emergencies, because you can never predict the future with 100% accuracy. Other than that, you should have everything you need to know to create the perfect budget. Good luck.
Jane Evans is a writer and blogger for Student Job. Based in York, she loves travelling, meeting interesting new people and talking about literature, modern art and new technologies. You can find her on Facebook and Twitter.