Recently updated on November 30th, 2023 at 05:16 pm
As the financial year is wrapping up, it’s a great time for businesses to take a step back and think about how things went and what they want to accomplish in the coming year. One important thing to think about is figuring out how much money you want to allocate for marketing. This budget will help you plan out your expenses and make sure you’re spending your money in the right places to get the best results. It’s all about getting the most value for your investment and focusing on the marketing activities that really matter! Plus, going through this budgeting process will help you spot any unnecessary costs and prioritise what’s truly important for your marketing efforts.
Below we outline the key steps you need to take to define your marketing budget and create a marketing plan that will deliver even better results for the new year.
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Marketing Budget Checklist for the New FY
Take stock of your FY 2022 Marketing Efforts
Evaluate which channels delivered the best results and consider reallocating resources accordingly.
Dive deeper into the performance of your campaigns. Look at key metrics like engagement, conversion rates, and ROI to determine which campaigns were successful and which ones need improvement.
Identify areas where your marketing plan can be enhanced. Look for gaps, missed opportunities, or underperforming campaigns. This evaluation provides insights for making informed adjustments and refining your strategies.
Conduct research and analysis
Identify your main (current and emerging) competitors and analyse their marketing strategies, target audience, and unique selling propositions.
Research up-and-coming technologies, consumer preferences, and market shifts that can impact your marketing approach.
Has this evolved over the last year? Re-examine your target audience's demographics, behaviours, preferences, and pain points.
Assess key metrics from the previous year, such as sales revenue, customer acquisition, and campaign effectiveness. Identify areas for improvement and opportunities for growth.
Define your marketing budget
Align your marketing budget with your overall business goals for the upcoming financial year.
Predict your expected income for the year and allocate a percentage of your revenue towards marketing activities. This will help you set a realistic budget that aligns with your financial capabilities.
Evaluate which channels are most effective for reaching your target audience - such as web, traditional, social media, and more - and allocate funds accordingly.
Assess the potential return on investment (ROI) for each campaign and allocate a proportionate budget to those that have a higher likelihood of generating significant results.
Develop your marketing plan
A well-defined marketing plan is crucial for the success of your campaigns. Consider the following steps when developing your marketing plan:
- Set business goals with clear objectives and success metrics.
- Choose effective marketing channels to reach and engage your audience.
- Develop a content strategy, providing relevant content that resonates with your audience.
- Define Key Performance Indicators (KPIs) for each marketing initiative.
- Implement SMART Goals – specific, measurable, achievable, relevant, and time-bound.
- Outline tactics and strategies. Detail initiatives, timelines, budgets, and responsibilities.
Compare your marketing plan to your budget
Review your marketing plan and identify the projected expenses for each campaign or initiative.
Compare the planned expenses with your allocated budget to identify any gaps or discrepancies.
Determine which campaigns or initiatives have the potential to generate the highest return on investment (ROI).
Reallocate funds from less effective activities to prioritise and support high-ROI initiatives.
Regularly monitor your actual spending against the budget to ensure proper allocation and cost control.
Mastering your marketing budget
When planning your marketing budget for the upcoming year, it’s important to take a holistic approach. Here’s where a conversation with a digital marketing partner becomes beneficial!
A digital marketing partner offers an objective viewpoint, analysing your business’s strengths, weaknesses, opportunities, and threats to develop a comprehensive marketing plan aligned with your objectives. Their fresh ideas, industry knowledge and tested strategies ensure your marketing efforts are effective.
At Spark, we leverage our expertise in digital marketing and keep up-to-date with the latest trends and technologies.
Our goal is to provide innovative yet easy-to-deploy and scale solutions that align with your marketing budget. We ensure that your marketing mix is integrated and effective, providing you with the best possible results.
Take on the new financial year with confidence!
Creating a strong marketing plan and budget is vital for businesses aiming to reach their goals in the next financial year. Use our checklist to develop a clear marketing budget that aligns with your plan. Spark services can assist you in determining the optimal digital marketing mix to support your objectives. Talk to Spark today, and let us help you drive growth and achieve success in the year ahead!
