Why you should have a marketing budget

by | Jun 1, 2015 | Marketing

Do you feel marketing doesn’t work for you? Maybe you feel you’ve tried a few things but they don’t seem to have been effective?

Looking back (now be honest here!) have you tried a bit of everything when the whim has taken you, or someone has called you with a great “deal”?

Yes? Feeling guilty now? Well don’t worry because you are certainly not alone.

Proper marketing plan

Many business owners don’t set out a proper plan for their business, let alone their marketing.

In the back of their minds, they recognise they need to “market” their business, so they go to a few networking meetings on and off, and then put an ad in the local paper when someone calls and offers them a deal.

We’re sure you would no longer fall for the high pressure tactics used by the old style double glazing salesmen, so why do we suddenly change when offered some kind of business deal?

Setting a budget

The truth is, by formulating a plan for your business and allocating a budget for your marketing, you are far less likely to fall into the last minute deal trap. You set your budget by knowing what you want to do by way of marketing activities during the year and calculating the cost accordingly.

For example, if you know you want to exhibit at a certain show, you will need to allocate a fairly substantial sum.

Why is this important?

Because once you have a marketing budget you know you only have a finite amount of money to work with. If you have already made a commitment to something, such as a regular networking group, you need to take that off and then you know what you have left. If your business is seasonal you know you will have to take action to promote around that time.

But, more importantly, what are you going to do to drive more business during quieter times?

Trying to plan for the whole year in advance is a very good idea – you know what you are doing and when, and you are far less likely to fall prey to a “deal” that is offered to you, unless it fits in with your plan. Knowing in advance often allows you to negotiate better discounts as you can be ahead of the game.

If it is all last minute you have to go with what you are offered as you don’t have a choice, which is often far too expensive. Plus, last minute actions rarely work successfully, as you haven’t planned properly.

So, do you have a marketing budget for your business?

If you’d like help with getting your marketing sorted, 
give us a call on 01256 83 11 10.

Are you ready to get your marketing sorted?

Call the Bang Consulting team on 01256 83 11 10

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