Marketing planning & budget is critical to any business
Marketing planning & budget is critical to any business.
Whether you have a small startup lemonade-stand business, or a large enterprise corporation, developing a sound marketing strategy and budget are vital to the business. Why? First let’s define marketing and why that matters.
What is marketing?
Most people know generally what marketing is, but knowing what it means today (2021) is important because while the fundamentals have always been there over the years, the methods, vehicles, tools, and customers have changed dramatically. The simplest way I generally define marketing is: “Delivering a specific business, product or service to the marketplace—why, how, and to whom.” So it can be a golf ball, or a plan to inhabit mars, they each have a very specific target customer base, a “why” and a “how.” And just knowing the basics behind each of these helps build a sound plan. And that includes a plan for what you invest in that marketing plan.
Budget planning
A part of the marketing game plan includes a budget plan. This simply defines how much emphasis—both time and monetary—you think you might want to invest in marketing your product, service, or business. And this is important. You will definitely need to actively market. Send the word out, spread the news, and continually engage your ever-changing customers. If you don’t, literally, your business sits idle. Nobody comes to you, you need to invite them and regularly engage them. Treat them as your true friends. Nurture your customers. And this requires driving vehicles to do so, like websites, social media, email, mail, etc… as well as building a sound brand—quality graphic design.
It’s important to develop a budget that coincides with what you will employ, how, and when— and at what level. Having a very basic plan goes hand-in-hand with how much “oomph” you put in to your marketing. Think about how hard it is to reach your audience let alone find them with all the competition and distraction. So investing a little will get you a little, and investing a lot will get you more. Why? More exposure. The more eyes and ears you have on it the better—however, a major caveat to that though is how well it’s being done/implemented! You can spend a fortune on a sloppy ad campaign, and if it doesn’t attract your customer, they don’t engage. And that can be a waste of time and money. So review the primary components of marketing below and determine the ideal pieces that may be right for you— and break up a rough cost on what you can afford initially, and in the future. Then really work hard at putting the marketing plan to work.
So consider some of the primary parts of marketing a business, they all will have a certain affect on your business and each have a specific time and cost:
23 Primary components of marketing:
Branding and design
Advertising in print
Website design and production
Website edits
News
Blogs
SEO
Print material (brochures, mailers, handouts, business cards)
Collateral branded material (letterhead, powerpoint)
Email marketing
Podcasting
Radio ads
Social media advertising
Google advertising
Discounts and coupons
Social media posting (and to which ones)
Special content: White papers, case studies, infographics, video, animations
Video commercials (YouTube, etc…) about your business
Events
Person-to-person
Referral programs (listing on others websites, etc…)
Third-party affiliations
Public relations, press releases, etc…
So based on these primary marketing components, it’s helpful to develop a rough idea on not only which ones are most important (although they all are), but how much cost you might assign to them. For example, basic website design and development (maybe $5K, and then another $2K over 6 months to update, implement SEO, add news posts, etc…), regular social media posting—figure hopefully at LEAST 1 per week (although 1 per day is the best minimum. I suggest 5-10 per day to be effective)— maybe $100-$200 per week to have someone develop them, graphically create them, and then engage (post them). Those alone would roughly be about $10K for the first 6 months, and then post launch, maybe $5K second half of the year— so about $20K annually for just those basics.
It may seem like a lot, but running a good business requires good marketing. And the idea behind marketing remember is growing, building, expanding, and increasing business—customer reach, sales, and everything around your business. The investment is meant to exponentially add income and exposure. So you can see how and why ‘what you invest’ in the marketing aspect is so critical.
Let’s break down the primary marketing factors:
What. You need to know specifically and accurately—precisely what it is you are developing, preparing, or presenting to the marketplace. What is it? What’s its name? Think of it as a version of the elevator pitch or mission statement, which really ties together all 4 main points here. What, why, how, and whom. But the “what it is” portion needs to be very simple, very clear, and HOPEFULLY very compelling. By that, I mean that it was well thought out, solves a real problem, serves a goo and meaningful purpose, was market tested, or at the very least is something a niche audience wants and needs. Otherwise, you are not going to fare very well.
Why. What is the reason you are in business? Whatever and however you market yourself all hinges on that important factor. Why the why? Because knowing why you are doing what you are doing drives and fuels the entire mission. “I want to improve peoples lives by providing truly natural food products” will be marketed differently than “We want to sell good lumber that lasts longer.” Every mission or “why” has a certain flavor— a “DNA” embedded in that brand—thus mission.
How. What’s the game plan in HOW you will implement your mission/strategy? This ‘how’ will include things like on what medium (online, email, social apps, etc…), how often, and what kind of content or means will you employ. For example, developing an online platform making it easy for our customers to purchase and engage quickly, vs maybe printing different mailers across the country to reach different markets and teasing the concept to build interest—web later. So think about how you plan to implement your game plan.
To whom. This one is important. You need to know who you are marketing to. It helps develop the right messaging and exactly how you will present information to those specific set of eyes and ears. 8-10 year olds will respond differently than 60-80 year old women. Men interested in home improvement will respond differently than mothers with children on the autism spectrum, etc. By knowing “who” you are communicating with them specifically. What they say and read “speaks to them.” Makes them WANT to react and thus ultimately “convert,” becoming a long-term, nurtured customer that raves about you and helps spread the word.
Cost. Try and develop what you think might be a comfortable cost associated with marketing your business, product, or service. Think annually, semi-annually, or monthly. At the very least, develop an initial short term goal of coming up with a few good marketing drivers like pieces of content (case study, infographic, blog article), social media posts, and website updates. But don’t skimp or dabble! While you sit and contemplate, other businesses are getting really aggressive— they are investing a lot more to really grow and increase profitability. So think generally in terms of whether it’s $1000 per month, $5K per month, or $10K per month. Then have a conversation with a creative team that can work with you to develop a marketing plan especially built for you. Every business is different.
Simple review of the top 5 marketing questions:
What is it that you are marketing?
Why are you?
How will you do it?
To whom precisely?
What’s a reasonable budget?
The bottom line
Developing a sound marketing strategy and budget are vital to the business. Consider the 23 primary components of marketing and what that might cost to implement. But first, a simple review of the top 5 marketing questions: What is it that you are marketing? Why are you? How will you do it? To whom precisely? and what’s a reasonable budget?
Work with a professional consultant that you can trust to guide you on the right path. Like a financial advisor, fitness coach, or outdoor adventure guide, they will help you develop a sound strategy that will get you the successful outcome you seek.
About Todd: I am a lifetime creative professional dedicated to helping other businesses and individuals achieve their best—their Zen.
I’m Todd Mitchell. Lifetime artist, entrepreneur, and 30-year creative professional. I develop creative ideas and solutions that help inspire the best in people, products and businesses. My mission is helping others achieve their absolute best. Personally and professionally.
Mitchell Creative Group is a micro-virtual creative agency outside of Boston, serving small businesses with professional creative services: Branding and identity, marketing and advertising, web and print, video and new media. Small businesses need high-level creative support— quickly, and at a fair, flexible price. And that’s what I provide.
https://www.mitchellcreativegroup.com
todd@mitchellcreativegroup.com
(508) 494-8182