How to Get the Most from your Marketing Budget

By Guest Author, Zoe Price:

As an SME, you might not have a whole lot of cash to spend on marketing. While you may want to generate new leads this way, there may be other expenses that have to come first. Here’s our handy guide on how you can make your marketing budget work for you.

Define your Budget

When it comes to using your budget, you have to define exactly what it is first. This means that you have to look into your company bank accounts and figure out where the opportunities lie to make the most of your cash. If there are outgoings that could be reduced, then you can add this back to your marketing budget.

With this in mind, you can then take the next steps, knowing full well that you won’t be overspending on your marketing.

Meet with Different Agencies

Marketing agencies are there to help you out, but you want to make sure that you go with the right one for your business. They’ll each have different specialties and will impress you in different ways. Make appointments with different ones to figure out which one you really click with.

Outsourcing your marketing is much more cost effective, which is why this solution is used by so many companies. This means there’s just one fee, instead of a lot of costs associated with an in-house marketing team.

Then, when they define your strategy and give you the budget, you’ll be able to figure out if that works with what you have already researched. Don’t be afraid to put them through their paces to get the best.

Set your Goals

If you have a smaller budget, then it’s important to set out what you want to achieve with that. Your money may be best placed with just one goal in mind, or you may have enough to spread it over different platforms. Decide what your goals are and how much you want to spend working towards them.

Work with the agency you select to hold them accountable for your KPIs, to make sure that you’re always getting towards your end goal. You don’t want to be spending a lot of money and not getting a lot for it.

Free up a Larger Budget

Once your marketing strategy begins to work for you, you will then have more leads to capitalize on. With the money that comes in from these leads, you can start to contribute to a larger marketing budget. This effectively allows you to create a cycle that expands your marketing and your business as a whole.

If you want to grow your business then this cycle can really help. Creating a successful marketing campaign and expanding it over time is the secret to success for so many businesses.

Don’t feel limited by your marketing budget, you can use these tips to really make the most of it. Create a strategy that works for you and you’ll have more to spend on it over time.

Guest Contributor