The beginning of a new year brings with it a slew of articles about the future: What’s next? What’s new? What do I need to know?
Agility is fast becoming the buzzword for communicators, as the profession seeks to understand how changing business models are impacting communication and the way in which tactics are executed.
A client of mine recently lent me Digital Marketing for Dummies as a ‘this is what I want done’. I.e. please help me to make it our strategy. Never being one who can be found frequenting the text book aisles of libraries or book shops (I prefer travel stories or garden design books) I slightly hesitantly began reading.
Marketers often have the problem of not having enough money to fight global brands who have seemingly unlimited budgets. Fragmented media has made it difficult and risky to connect with our consumers using a restricted budget.
How do you prepare the marketing budget for your business? Most organisations calculate – or estimate – the percentage of funds they want to dedicate to marketing, then ‘build out’ their marketing plan within this figure. On the face of it, this approach makes business sense. After all: you don’t want to spend more than you can afford. But in doing so, how can you be confident you’re achieving maximum bang for your buck? You can’t. Successful marketing budgeting is about knowing what you want to achieve, and building a budget that satisfies both your expectations and your accountant. Here’s what you need to know when developing yours.