This is a post for marketers. But it could just as easily apply to anyone’s personal finances.
If it’s your job to put together a marketing budget, or manage one, you’re probably already thinking about 2014. I know I am.
For many, budgeting can be more of a nuisance than anything else. We might like it if we could just look at what we did this year and say, we’re going to do more of that.
But in order to deliver real results with your marketing this year, I recommend making some tough choices.
- Start making
a list of what worked and what didn’t. Assuming you can measure the
performance of different channels and different ads, order them based on the
return they provided. Look at volume as well as cost, and create a list from
best to worst.
with the best, ask yourself whether or not you can spend more of your money
there and get the same return. If the answer is yes, do it.
- As you
get down to the second half of the list, ask yourself why it did not perform
better. Was it poorly executed or is there just less potential there? Did
some parts of it work and others fail? Cut what you can and keep it as a test or
just pull it out of your plan for next year altogether.
- When you’re done looking at what you have already done, it’s time to start thinking about what you have not done. Ask around within your industry, or get in touch with some advertising agencies or consultants and see what they would have you do. Find out where people are spending their marketing dollars and apportion some amount of money in your budget to test out these new opportunities.
By digging into the finer details and making the tough decisions about where you should be spending your money, you will be ensuring that your marketing dollars are spent more efficiently. And that will have a direct impact on your bottom line.