You Really Do Need a Marketing Budget

You Really Do Need a Marketing Budget

The mantra in business today is to do more with less. That concept carries through to marketing. There are many ways to spend your marketing dollars that may or may not achieve the results you are expecting. Here are several ways to increase the likelihood you will have an effective plan.

Be clear on what you are trying to accomplish
One of the keys in marketing is the return on investment for the money spent. By having clear, specific, measurable goals you will know if you are getting the right results. Many make decisions based on their "gut" feeling and never really know if they are spending wisely.

Concentrate on promoting what you do best
A small business can provide a wide range of services to their customers. That's doesn't necessarily mean they are great at all of those things. Promote the services that you are the best at doing and prefer to do.

Budget for outside support
While it is tempting to "do it yourself" to save money, the use of experienced professionals can save time and money if utilized properly. Someone who is skilled at developing web sites, for example, will know the pitfalls to avoid and how to make your site effective. Technology and analytics are available to experienced people to assist you with evaluating results to ensure your budget is spent wisely.

Plan for the unexpected
You cannot anticipate everything, good or bad, which impacts your practice. Be flexible and ready to react to changes. If your marketing plan brings in a large increase in customers, can you add staff to meet the demand? What happens if you have big promotion planned and there is a period of terrible weather than keeps everyone inside? Have some alternative plans in place to deal with the unexpected.

Regularly review your results
Most small businesses plan their budget annually, but it’s best to review the results monthly. That will allow for changes to build on what it working and possibly drop what is not. It is best to set aside time to do your review so it does not slip through the cracks.

Marketing your small business takes not only a solid budget, but a plan to implement and review it as well. Getting the most of the money you spend is key to achieving your goals.