Determining your marketing budget might seem like a scary task, but it doesn’t have to be. With a little research and careful testing, you can determine the right budget that is sure to lead you to a higher ROI. When it comes time to sit down and work out a marketing budget, here’s what to consider:
First Know Your Target
Who are you talking to, who are you looking to capture, and how are you going to do it? Once you have these questions answered, you can begin to decipher how to do so. Think of the face of your ideal consumer, and plan to market to that.
Decide Your Target’s Preferred Medium
Once you have the ideal consumer, you can begin to identify where they live. By knowing the right mediums to market to, you can begin to decide how much budget you will need to accomplish that. Don’t forget about quantity; how often you advertise will play a significant role in your marketing budget.
Don’t Under Advertise
Once you have a base budget, you can begin spreading your budget into other mediums. Not all platforms are needed, but spending all your money on one medium can limit your options. Just remember, your ideal medium should be your bigger budget and branch off from there.
But Eliminate Waste
Now that you know where your budget is going to be spent, it’s time to test out different messages. Through focus groups, you can see what works and doesn’t work so you can get a clear and compelling message on the platforms that matter. Once your campaign is in full force, keep a careful eye on it and weed out anything that isn’t performing. Be sure to deposit your money into the areas that are seeing results and continuously revamp the campaign to gain more success.
Not sure which marketing strategies are best for your business goals? Our team of professionals is here to help you create a media plan that drives ROI. If you have any questions about the services that we offer, do not hesitate to reach out by calling 818-703-0218. You can also visit our website to learn more about our media buying and planning services.
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