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Build a Brilliant Marketing Budget

It’s time to be honest.  Most will plan to make moves in marketing and sales this upcoming year, and 90% wont execute.

It’s easy to start making excuses on why it did not happen, but here’s a clue…    Your marketing plan won’t fly because you did’t plan on creating a machine to be accountable and consistent.  There I said it.  A reference to process in marketing.  What?  But marketing is creativity, magic, and turn on digital ads and we are there right?  Nope.  Marketing and Sales go hand and hand.   Here are a few common mistakes made to avoid those pitfalls, how to correct them, and a sample marketing budget model to get you in the right place.

  1. Couple Sales and Marketing Plan – Create a marketing budget that couples with the sales model on number of leads generated to number of sales closed.    If you don’t know real closing ratios on lead to close for each product line, get them.  If your just starting, pick a starting point, 10 to 1, 5 to 1. etc.  It’s not a bad thing to be off in the beginning, the entire point of consistent marketing is to be in a place to monitor perpetually.   Its going to be updated anyway, so don’t spend a lifetime figuring out what the starting number is.  Just pick something that makes sense.
  2. Build in internal time – You use an agency for content writing, ad selection, and other ninja specific areas.  Great.  Now lets get internal resources assigned to work with the external resources to  increase those results, learn from our business, and self manage MOST areas within the plan.  That’s right, i said, you should have dedicated resources inside to manage the plan for long term success.   It’s the only way to be consistent and grow.  (There’s that consistent word again)   Build in internal cost, hours, and assign resources.   Put it in your plan.  It will hold people accountable and allow you to manage the big picture.
  3. Use the Turtle to Rabbit Approach – Regardless of your budget.  Start small and slow.   Not all paid campaigns have the same ROI, the first two weeks are big adjustment weeks (audience, demographics, negative words, cost per ad, etc).   Learning the sweet spot and doing more of it means starting small and building up.  Include the ramp up in the model.
  4.  Split  Time between Creative and Execution Marketing – Have two meetings a week or month, or whatever your time allows, but split up creative design from ad/marketing execution.   It’s hard enough to come up with 20 ideas only to have 1 good idea come out of it, let alone couple that with a tactical marketing execution items, which are plenty.  Do your staff and yourself a favor and schedule times to focus only on the brand, testing the message, the narrative, tying it seasonal changes, etc.  You will have more fun, be more creative, and execute better on the ad execution tasks.

To help get things started.  Use this sample marketing plan from our Digital Marketing Masters Series.  Happy Marketing! Happy Selling!

[Download the Sample Marketing Plan Here]  Online Marketing Masters

About the Author – Ron Babich
Ron Babich is an executive leader who has assisted multiple startups and public companies from red to black profits.   Ron has taken several companies to IPO, raised money multiple times, and was voted Marketer of the Year by the AMA.    Ron is an early internet guru and SaaS software veteran.

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