How to Easily Align Your Marketing Objectives with Your Budget
With the advent of digital marketing, it’s easier than ever to track the ROI of your marketing efforts. Because marketing campaigns can now be quantified, you must ensure your marketing objectives are aligned with your budget to achieve the results you expect.
If you plan your marketing budget based on how much you spent last year, you’re not getting the best out of your marketing efforts. Instead, align your marketing objectives to your marketing budget based on the result you want to achieve. Then fund it appropriately.
Here are four essential keys to aligning your marketing objectives with your budget to get results.
#1—Create a marketing strategy
Your marketing strategy should be driven by your company’s strategic goals and vision for growth. For example, your company plans to grow by 25%, but you’ve only budgeted for quarterly ads in a trade journal. As a result, you’re going to be disappointed by your ROI.
Find an innovative and powerful marketing strategy planning tool like hutwork.com. Your executives, sales staff, and marketing team can collaborate and plan a comprehensive marketing strategy to help you achieve your company’s goals. Using a marketing strategy tool keeps everyone in the loop. It also helps each individual drive their activities in the right direction.
#2—Now create your marketing budget
Since your company’s strategic goals drive your marketing strategy, your budget should be a percentage of your anticipated top-line revenue. Depending on your growth goals for the year, you could budget 2% of top-line revenue for a lean marketing budget. Furthermore, you could budget 5% or more for an aggressive budget to support 20% or more growth.
Lean budgets require simple tools and strategies. Aggressive budgets need complex marketing strategies and cutting-edge tools. Because you align your marketing strategies and budget with your company’s strategic goals, you’ll mirror the growth plan of the company for the year with your marketing efforts.
#3—Allocate your resources
Here is where the intimate details of your marketing plan come into play. Determine what resources you need to move from your marketing strategies into action steps. This includes your team resources, tools, and your budget. Remember, the complexity of your plan depends on the growth plan of your company. As such, you’ll want to include a variety of marketing tactics for aggressive budgets.
Here is where a marketing strategy planning tool can make the difference in offering ease and accuracy when allocating resources. A planning tool automates the process of assigning a budget to a strategy. It also makes tracking, managing, and reporting easier.
#4—Roll out your marketing plan
Now it’s time to assign tasks and responsibilities. To execute your plan, use your marketing planning tool to assign individuals or teams to action steps. You can also assign dates and milestones, and determine what deliverables are needed and when. Your tactical plans may include:
- SEO and paid advertising
- Content marketing like blogs and emails
- Social media
- Traditional advertising
- Lead nurturing and conversion
Each strategy should have a lead and a support team. This helps make sure you have qualified marketers, designers, and technical experts to help you implement your plan.
These four steps will help you align your marketing objectives with your budget and also with your company’s strategic goals and objectives. Once everything is in line, make sure everyone is clear on their roles and responsibilities. And don’t forget metrics and analytics. Use the data available to track your ROI and make changes when marketing strategies aren’t paying off.
Finally, using a marketing strategy planning tool like hutwork.com helps you create an incredibly effective and solid marketing plan that ties in with your budget, and lets you track everything from a single dashboard.
Visit hutwork.com to see how this innovative marketing strategy planning tool covers everything you need to plan, create, collaborate, communicate, manage, track, and measure your marketing strategies and budget efficiently and effectively.