With the End of Financial Year around the corner, many businesses will also be in the budget planning stages. Are you making the mistake of not including marketing spend in your annual budget? A marketing budget is one of the most important investments you can make for your business.
Whilst it’s important to have a budget set aside for logo and brand development in the initial stages of a business, it’s even more important to have an ongoing plan and budget allocation for reaching your target audience if you want your business to grow.
There is a lot of noise. All around us, both online and in the real world. Brand awareness and brand loyalty are even more important in this day and age, and consumers and clients need to be reminded why they choose and love your brand or business. A marketing budget is critical to build and establish a strong brand.
Results & tracking
By planning out your marketing activity and spend, you can set specific and measurable goals, and more effectively track results. You also have the flexibility to try new things if you aren’t happy with the results along the way.
Stay ahead of the competition
If your competitors aren’t investing in marketing, you automatically have an edge. A marketing budget can ensure that your business is top of mind and help attract more customers.
When you know you have a plan and budget in place to market your business effectively, you will have more time back to focus on other areas of the business that may need your attention.