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A couple of weeks ago I posted a blog with tips on how to develop your marketing strategy in 2016. If you recall, tip #5 was “name your price.” In other words, you need a budget in order to get started!

To continue in the spirit of setting your business up for success in 2016, consider these tips for setting your marketing budget:

  1. Clearly define your goals.

In order to develop your marketing budget, you need to know your marketing strategy. In order to develop your marketing strategy, you need to know your business goals. With clearly defined goals, you can move ahead in your planning for all business matters in 2016. Here are three tips for defining your goals:

  • It is best to keep your keep your list of goals to 1-3 MAIN focuses. Any more, and you won’t be able to make considerable progress in any.
  • Your goals should be measurable! Sorry, but “increase revenue” is not a good goal. By how much? In what period of time? How? Make sure your final goals answer the measurement questions – who, what, where, when, how?
  • Set goals that are able to be influenced before you get the results. Setting goals that only address revenue, flow through, units sold, etc. set you up to just wait for reports after the fact. Try picking a goal that gives your team influence: “Our team will sell 10 widgets and 5 add-on warranty plans each week.” 
  1. Review 2015.

Take a look back at your marketing budget for 2015. Did you over spend in certain areas? Under spend? If so, what was your ROI on these projects; would it benefit you to ramp up or scale back in 2016? Also, consider where you spent your marketing time (time = money). Make sure your time is well spent!

Need to make some changes? Maybe try:

  • Joining a networking group filled with your target market, NOT your industry peers.
  • Make some strategic referral partners to share business leads and potentially marketing costs.
  • Hosting your OWN networking event every other month to drive market awareness.
  1. Don’t be afraid of change.

Looking back at #2, what changes do you need to make for 2016? Consider those changes to your marketing strategy in your budget. This is also the time to implement new ideas you’ve been juggling since you have the power to work it into your budget. Don’t be afraid to get creative!

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(615) 348-7768

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PO Box 160103
Nashville, TN 37216

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