Today, we present the second in our three-part series on the marketing budget. This topic merits the detailed coverage. Yesterday, we began with 2018 Marketing Budget Trends. Now, we cover 2018 Marketing Budget Strategies. And we conclude tomorrow with our 2018 Marketing Budget Free Templates.
“You’ve heard the famous quote about marketing budgets before: ‘Half the money I spend on advertising is wasted. The trouble is I don’t know which half.’ This quote is attributed to John Wanamaker, a famous retailer and marketing pioneer from the 1800s. The good news is that Wanamaker believed half his marketing budget actually worked. The bad news is that the problems with marketing attribution persist even today. After all, when your CEO asks for proof that the money spent on marketing is getting results, what can you say?”
2018 Marketing Budget Strategies: Background
Which type of marketing spending gets the biggest bang for the buck (ROI)?
“In a 2017 report from Hanapin Marketing, 75% of respondents expect to increase Google Adwords spending in the next 12 months (more than any other digital channel). Facebook expects to see increased investments by 71% of respondents. Instagram and Twitter, by comparison, expect to see increased investments from less than half of respondents (46% and 21% respectfully). Snapchat was at the bottom of the list, with only 15% of respondents expecting to increase investments into 2018.”
2018 Marketing Budget Strategies: Tips
“It’s never too early to start working on your marketing plan for the upcoming year. [And many firm work on fiscal year.] For B2B and B2C marketers, there are many ways your budget will impact your marketing capabilities and strategy. Use this guide to assess your current marketing practices and discover the marketing methods you may want to introduce in the next year. After all, your budget is likely an untapped resource for your marketing team. And might allow for optimization, integration, and innovation. In any case, use this guide to get a jump start on your 2018 marketing budget and determine what tactics you should incorporate to make the year a successful one.”
Click on the Schmukler link above to read his guide. As we see, it consists of these tips:
- Analyze and Benchmark Past Marketing Successes.
- Determine 2018 Marketing Goals.
- Consider Marketing Channel Options.
- Prioritize Your Needs.