How do I prioritize a limited marketing budget?

Building a Small Business Marketing Budget – Part 4 of 5

Today marks the fourth installment in our five part series focused on building marketing budgets. If you have not read the first three articles, below are links to get you up to speed.

Week 1: How do I start building a marketing budget?
Week 2: What percent of sales should I set aside for marketing and advertising?
Week 3: What should I include in my marketing budget?

Now we will address…

Prioritizing a Limited Marketing Budget

As you stare at the planning spreadsheet on your computer (now organized as outlined in the previous installments of this series), your fingers may hover over they keys, paused yet ready to begin allocating those precious marketing dollars. You’re probably thinking to yourself, “We’re on a limited budget. Which tactics should take priority?” Don’t worry. Nearly every Ampersand client has uttered those words, and amazingly, they all still continue to grow with our help.

Here are items to consider as you prioritize… globally speaking of course. The rules may differ for your organization but the points below will help set the framework for your budget allocations.

1. Strategy – Have a good plan, know your targets so you don’t waste time or money in the wrong spot, meet regularly
2. Branding – It’s an inefficient use of time and talent to market your organization if you don’t have a strong identity and message
3. Sales Systems – Before you fill the funnel with leads, make sure you have a good CRM system and sales skills to manage and close them
4. Website – If your call to action is your website, make sure it offers a stellar user experience and that you are setting the stage for future success
5. Social & Online Marketing – It may seem backwards to hold off on social media until this time, but even this inexpensive tactic can be costly if you don’t have a strategy, brand, and online web presence that connects with your prospects
6. Additional Collateral & Tools – Once you have the above rolling and start generating leads and sales, support those efforts with additional tools
7. Advertising & Sponsorships – Don’t pay to play until the above are accomplished, spending thousands on advertising each month and sending people to a bad website or inactive social media platform could drain your budget

Now that you are on your way to prioritizing your marketing budget, join us next week for the final installment in our series, “How do I measure ROI on my advertising tactics?”