You already know how important it is to set up a SMART budget and that tracking your expenses over the course of the year is the best way to stay sharp and out of the red. But at a time where technological advancements surface more frequently than breaking news stories, it’s near impossible to stay on top of an optimized budget. Look, it’s never too late in the quarter to reassess your budget. In fact, you should! That’s why we’ve prepared a free marketing budget template just for you, along with some tips to realign your budget for a better future.
1) Budget Alignment
When you’re reevaluating your budget the first thing you should assess is how well the budget aligns with your marketing goals. Generally speaking, heavier investments usually end up near the top of the funnel because that is where marketers see the heaviest traffic. The number of clicks or impressions are used to calculate the effect of your marketing efforts that focus on lead generation and conversion.
If you have a broad audience based on interest, then you’ll need to focus on which pieces of content are generating the highest ROI and invest more in those, while cutting the losing ends on the other side.
If you find yourself wide eyed, staring at your budget sheet asking, “what the heck did I spend all of that money on?!?!” then you may need to re-prioritize and check around for any unplanned expenses.
Now that you’ve already started looking, you may as well roll up those sleeves and start organizing everything. And I mean, everything. Where is each part of your budget allocated? If you crosscheck that with your ROI, are you seeing that your investment/return ratios are as they should be?
Especially because of the constant fluctuation on how marketing is done and which strategies are most effective, it is critical that you use tools that measure your budgetary effectiveness; gathering real-time ROI. Even the automation tools you use should be assessed. Software you downloaded 2 years ago is almost guaranteed to be showing signs of age.
3) Spend Smart
We’ve laid everything out for what data has shown to be an effective marketing budget for businesses that want to be ahead of the competitive curve in 2018 in a free download below. When you’re looking through it, don’t feel obligated to check every expense. It’s not mandatory to spend more, just as long as you are investing smartly towards your business’s marketing goals.