This is a problem we face quite often with most of our clients as the marketing budget goes last on the list of priorities for many new businesses. After HR needs and production, there is rarely any budget left (or enough budget left) for all marketing needs. These needs are real and any new business has to advertise and market their new products or services and it does not matter if marketing is done in-house or via an agency, there are costs inferred.
There are a few things one should consider before budgeting for a new business and we made a list of the items we most often encountered in our conversations and work with our clients.
Do an in-depth research of the market and your consumers, so you can better tailor your marketing approach. This is very important and often a step that is completely skipped. Based on the findings during this vital step and the data analysed, each company has to focus on promoting the right service or product to the right consumer. Do not forget, data is very important and your marketing needs and approaches will change as you advance in your business, but it is as important to continue analysing the data at the beginning, as it is throughout the project.
2.Create a detailed marketing plan
The above research will help you develop the exact procedures that will best work for your business. Your marketing plan should be as detailed as possible in the first instance and should narrow down as your needs and goals require it. It is of utmost importance to consider all types of marketing and advertising so you can take a decision based on accurate data and your final goals. Only by having an overall idea of what could be done, will you be able to tailor your marketing campaign for your particular business.
3.Budget extra for marketing
Even with a great result in the first two steps, we recommend to budget extra for your marketing needs as there are always items you have not thought of initially. This is often a common mistake when in need to reach a certain budget: cuts are made on the marketing needs. You must consider that even if you do not wish to print a lot of items, there will be need for some marketing collateral such as: business cards, posters, rollups, a banner if you attend events and perhaps branded clothing if it is required. Apart from all these, you will need invitations if you decide to organise a launch event and most important of all, advertising your business. The budget here depends on the scale and type of advertising one wishes to do. The budget can start from a few hundreds to a few thousands, depending on the needs. You will definitely need a proper and very detailed marketing plan to be able to budget your marketing needs. And it is recommendable to budget extra and have something left at the end of the year than any regret.
4.Add a social media budget
Do not forget to add a social media budget in your marketing needs as you will need to boost or create special imagery. Social media is often thought to not require any budget, at least at the beginning and this is a big mistake in our opinion. Social media needs to be performed correctly and well from the beginning and should set the standard online for exactly the business you wish to become.
5.Choose quality over quantity
Even if it is something quite often heard, it is also a very valid sentence. You should always choose quality over quantity in anything you wish to perform and raise standards high. We are firm believers that good work will bring good results no matter what budget one has and it will eventually bring you closer to your desired results.
We hope to have helped, even a little bit with your future projects. Do not leave marketing last on your list of to dos.