It's the six-letter word that can feel like a four-letter word: BUDGET! Planning a marketing budget can be difficult, especially if you're just getting your feet wet. But don't let your budget bully you into making poor strategy decisions for your marketing plan. Below are a few tips to help you be boss of your budget:
1. Set a budget early in the process. Once you start spending money on marketing, it's easy for expenses to snowball. Make sure you (and your team) are on the same page about your budget. Is it annual? Quarterly? Is it solely for marketing costs? Who approves expenses?
2. Shop around. Once you have an overall budget in mind, it's important to research the cost of materials. (You may want to do with while creating your initial budget figure...) Remember that design, printing and advertising costs will vary greatly. Keep in mind that many of the vendors you work with for your marketing materials could have extra fees for revisions, design work or proofreading. Try to contact at least 3 vendors for each new project to compare pricing and services.
3. Your budget is not too small. Don't get me wrong... there will be times when your budget will limit what you can do, however, doing zero marketing because of a small budget is no excuse! From social media to online printing, technology has been great for marketing; it means you have many tools available with cost-effective solutions. Don't let your budget keep you from greatness.
4. Ask a lot of questions. Marketing is a very diverse and creative field which means there are a lot of ways to do the "right" thing for your business. If you have questions, ask. There are no dumb questions! VGM is a great resource and, as always, you can contact Anna at Laboratory Marketing.
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