As the year comes to a close, it’s time to finalize your marketing plans for 2023.
According to the World Federation of Advertisers (WFA), 30% of major advertisers are cutting their ad budgets for next year. The same percentage, however, said they will increase their advertising budgets and 40% said they’ll keep it the same.
In which camp are you? As with any decision regarding budgeting, there are pros and cons that can have major long-term ramifications on your overall marketing scheme.
Is the state of the economy having an impact on your marketing budget? Keep reading to learn how to plan and create a successful budget for your 2023 marketing strategy.
What Are Your Goals and Marketing Approach?
Get together with your marketing team to shape your goals and marketing approach for the coming year. Look at marketing trends to determine the strategy you’ll use to turn your plans into reality.
Your budget will be determined by your goals. Do you want to cast a wider net by using several different social media platforms? Do you want to totally rebrand?
Whatever your goal, you must determine the costs involved when setting your marketing budget.
Account For Your Current Budget
What is included in your current marketing budget? Remember to include everything from your marketing staff to sponsorships to digital materials.
How much do you spend on ads, your website, social media, events, promotional materials, trade shows, SEO, and product placement?
Are You Getting a Return on Your Investment?
Rather than gutting your marketing budget when times are tough, evaluate where your money is being well-spent and where it’s not.
Track things like conversion rates, internet traffic data, and lead generation and see if you’re getting your money’s worth. If you attend a trade show, for example, compare the number of orders generated and email leads you got to the cost of attending the show.
Use That Information In Your Planning
When you have hard data showing which marketing strategies are effective, you can put together a solid marketing plan and budget. Do you need to adjust your budget for the upcoming year by increasing the dollar amounts to meet your plans for expansion?
If your goal is to boost sales, you might want to invest in a new website or expand your social media presence. While looking at what has worked well for your company, consider how to make it work better for your short and long-term goals.
Now that you’ve learned how to plan your marketing budget, you can beat the economic trends coming in the new year. Budget planning helps you define your intentions. Take this time to decide if you’re going to enter new markets or build your market share. Make sure your budget matches your goals.
Do you know who can help you plan your marketing budget? We at CommCore Marketing truly care about the success of your business. We will share some fresh marketing ideas to give you an alternative to cutting your marketing and advertising budget.
Contact us today by phone, email, or via our online form. We look forward to working with you!