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Marketing Budget – Getting it right in 2020 (Free template)
Managing marketing budget can be very challenging. With so many parameters, how do you generate good ROI in 2020?
It’s no secret. Getting and effectively manage your marketing budget can be a tough game.
If you’ve asked yourself these questions:
- Should I invest more in digital or offline?
- Is it better to outsource?
- Which channels should I invest in?
This blog post is definitely for you.
As a matter of fact, if you are in a senior marketing position, at some point, you’ll have to decide where to invest to get a good ROI.
In fact, budgeting is among the Top Challenges of Mauritian marketers in 2019 according to my survey on the State of Digital Marketing in 2020 (Mauritius).
So, today I am going to outline a few things that can be useful while defining your budget in 2020.
How did you perform in 2019?
As we near the end of this year, doing a retrospective can be an eye-opener to your approach in 2020.
Few important questions you should ask yourself are:
- Which channels performed best for me this year?
- What type of content worked best?
- Where are my leads coming in?
- Where are the bottlenecks?
Lots of questions. So, where to find the answers? The answer lies in the data.
That’s where your quarterly or monthly reports can come in handy. These reports, if done consistently and accurately, can show you some key trends and performance metrics.
Most importantly, these reports will show how you benchmarked against your set KPIs and objectives.
Fortunately, you will not have to go crazy in analysing spreadsheets of raw data (If not needed). Visualisation of data is key for digital marketers.
Here are few dashboarding tools that I use and highly recommend:
- Google Data Studio
- Google Analytics
- Google Spreadsheet and its charts
Based on your findings, you should be able to see where your customers are more engaged and buying.
Know where to invest in 2020
Knowing where your customers are more engaged and buying your products is crucial if you want to have a good ROI.
But, here’s the thing, customers are not in one place. They have become omni-channels ones.
What I mean here is even if you have one top performing channel, it is more likely that your customers are coming to your business through different touchpoints.
That’s where prioritisation is important. You need to be able to use multiple channels while still maintaining a customised experience.
The survey on State of Digital Marketing for Mauritius shows Social Media and Company Website as the top performing channels in 2019 with other channels close to them.
Another study from Chief Marketer B2B Marketing Outlook Report 2019 mentioned ‘Email Marketing’ and ‘Search’ as a top ROI channel for this year.
Align your channels to your customer journey
Now that you have your 2019 data and have an idea where to invest, let’s see how you can optimise the customer experience.
I have news for you.
It is easy to hastily want to invest in a lot of channels thinking that you’ll end up with more customers or sales.
As a marketer, you’ll want to optimise not only the customer experience but also the cost associated to it.
The third point is to align your channel choice to your customer journey. The generic concept of Reach, Act, Convert and Engage (RACE) can be useful.
This process also requires that you audit your content marketing strategies as per the different phases.
Here are a few things you need to do prior to hooking channels to your customer journey:
- Clearly outline the customer journey;
- Use your 2019 data to identify any bottlenecks and drop-out areas;
- Do an audit of content used throughout your customer journey;
Based on your findings, you should be able to effectively understand your customers’ intent and mindset at each phase.
Allocate budget for testing
Managing your marketing budget is not a one-off task. It has to be sustained and accurately monitored.
Yet, it shouldn’t be too rigid to the point of preventing innovation. For instance, you could invest part of your marketing budget in upcoming 2020 strategies.
New channels such as TikTok are opening the door to different types of content for brands. These new channels are worth testing.
I created a costing tool for freelancers and small businesses
This part of the blog post is for freelancers or small businesses still struggling to create a proper costing model.
At some point, you should have asked yourself these questions:
- How will I charge this client?
- Do I need to include my travel expenses?
- How do I include my tools costs?
- Do I need to provide a discount?
So many questions which makes the costing complex. Based on these questions, I created a spreadsheet tool which can be the basis of your costing strategy.
According to the preliminary data from the State of Digital Marketing in Mauritius survey, budget was one of the top challenges for marketers in 2019. This function of marketing is often determinant to the success of campaigns throughout the year.
To make sure you are armed for 2020, follow the steps that I outlined in this blog post. Focus on a retrospective of 2019, analyse upcoming trends and decide where to invest.