How to Budget for Marketing
When we meet with new clients, one question that we hear frequently is “how much should my marketing budget be?” Talk about a loaded question! There are several considerations that need to be taken when determining your budget.
Where does your budget go?
It’s easy to budget money for office supplies or coffee – you know, the tangible essentials that keep the office running. Marketing is a bit more difficult to budget for, because although you can see and feel the impact, it can feel like a perk rather than a necessity. If you’re going to put money towards something, more than likely you want to know where it’s going.
Time
Whether we’re building a brand from the ground up, running a specific campaign or working hand-in-hand with your team to create a blueprint that will guide our work, everything that we do takes time because we want to ensure that it’s done right. We “go slow to go fast,” meaning we take the time to understand your brand, the marketplace dynamics and any potential competition, direct or indirect, from the get-go so that we’re ready to rock.
Expertise
Marketing is an expansive topic that spans different mediums with multitudes of tactics – it’s nearly impossible for one person to be an expert on everything. Instead, we’ve put together a team of experts in various fields to ensure that our clients get the right people in the room to do the job best. Get to know our Fort Collins marketing team and their specialties.
Results
We haven’t yet met a client who’s ok shelling out money without seeing results. And we don’t think you should ever be ok with it either! When you put your budget behind an effort, given the right team and the proper planning, you want to see results. We put our effort and expertise into driving Rockstar results to move the needle for your brand and your business. Even better news? Our nimble nature allows us to offer the much-needed flexibility in this industry with a results-driven
approach, so we can continually iterate for the best possible outcomes.
How to Set a Marketing Budget?
The daunting first question: how to set a marketing budget? First, consider what you’re looking for. Do you need a blueprint that will guide your team through executing efforts, or are you looking for a fully managed service that means you don’t have to worry about anything? A great place to start is by browsing our services, where you can see a breakdown of our specialties and how our team plugs into what you’re already doing.
Next, you’ll need to decide how much you can realistically put towards marketing efforts. A recent article by Propel states that “on average marketing, budgets make up around 10-14% of total company budgets.” This can vary based on the industry and the size and age of the company. It’s important to remember that, when done well, marketing drives revenue, so it isn’t a wasted cost.
While you may be putting different budgets behind different efforts (think social media advertising, print advertising, PR, etc.), you should consider the total cost as well. We can help you evaluate the proper breakdown and consider out-of-the-box ideas that will get you closer to your goals.
Where to start with marketing expectations?
Your Expectations
Depending on the results that you’re looking for, you may need to consider boosting your budget. For example, when working with a Fort Collins marketing agency, if you’re looking for coverage in a pay-to-play publication, have travel requirements or need a Rockstar onsite, this can all add up.
Your Timeline
Need something in a pinch? These quick-turn services are often more expensive because we’ll need to squeeze all of our work into a time frame that’s shorter than what we would typically need.
Your Existing Assets
If we’re starting from scratch, budgets can be skewed at the beginning of a project. We want to be sure we’re presenting your brand in the best light, which can mean photo or video shoots, website updates or media training.
Use Marketing Fast
If you’re brand new to marketing or simply hoping to start small, our recommendation is to consider a Strategic Sprint. This service line has a shorter timeline than most but is certainly not short on results.
Our most popular offering, this high-impact, 2-hour strategy session is ideal for maximizing your time with our proven process. Even though we are a Fort Collins marketing firm, we work the heavy loads of businesses across the country. We do the heavy lifting by examining your current marketing, PR, digital, and social media efforts. Thanks to this extensive research beforehand, we can leverage our time together for presenting back fresh ideas, market findings, and diving into what’s truly working and what’s falling flat. The deliverable is a comprehensive marketing plan that allows you and your team to hit the ground running.
Key Takeaway
Marketing should be seen as an investment in building your brand and your business. By working with a team of qualified professionals, you’ll be able to maximize your budget and work towards achieving your goals.
Ready to get started? Drop us a note and we’ll be in touch!
