Marketing on a Budget – A Sensible and Mature Approach

I would hope by now that after reading about the necessity of a Marketing Plan in the previous section and at my Marketing Plan web page that you are convinced of the need for a Marketing Plan and Budget. If you do not have a Marketing Plan now is the time to get one and then set your budget.

An Integrated Marketing Plan will have the criteria for marketing on a budget that is designed to make the most of an offline and online marketing mix that compliment each other for the highest good of your business.

When marketing on a budget you need to provide cost effective marketing for the long term with return on investment (ROI) goals which are reviewed and revised in a specific time frame. Set these goals in your Marketing Plan before spending any money or getting outside parties such as marketing companies involved.

This following information is specifically about online marketing costs for small business.

Your budget for online marketing will likely include:

Development costs

• Research and strategy
• Website Design, construction and set up
• Search Engine Optimization

Ongoing costs

• Website Hosting
• Website Maintenance and Development – Link building program, search engine submission
• Internet Marketing – Search Engine Marketing, Pay Per Click (PPC) campaign
• Online Advertising – Ads in online publications, Email marketing, Article Marketing
• Marketing Analysis – Of campaigns, ecommerce, website traffic and conversion
• Advertising creation and production – writing of online ads, press releases, articles

Typical recommendations are that a business invest 20% of their resources and time into marketing and reinvest 20% on an ongoing basis. If you are new to the marketplace you need to spend more to establish yourself. Do you know what your competitors are spending? You will need to spend at least that amount on your marketing. How you apportion that money between online and offline depends on you type of business but current recommendations are 50-50.

Your online and offline advertising should direct your potential customer to your website. Your website then becomes the hub, your measurement tool for both marketing avenues. Always track all forms of advertising to justify its place in your marketing plan and to help you allocate your money and continue your intention of marketing on a budget efficiently. Tracking, testing and surveys can gather a tremendous amount of information for you to make better future business and marketing decisions.

Always ask your customers in person, by phone, via your website or by email questions to measure their satisfaction with their purchase, your service; how they found you, whether they would buy again and how likely they are to recommend you to others. Their answers will guide you to improve your business and your marketing strategies. You can obtain this information via a customer survey either via your website or you can email your customer and ask them to fill out your survey. Maybe you could offer a discount coupon off their next purchase to encourage them to take the survey.

Work to a budget and stick to it. Track, measure and analyze your results. Revise your marketing plan and budget regularly. Now where do you spend this money you have budgeted? Read on …..

Next: Part 3 Wise Investments - Part 3a Cost Effective Marketing Strategy

Part 3a Cost Effective Marketing Strategy

With your marketing plan and budget firmly set now you can implement your cost effective marketing strategy and invest your money wisely for the best results for your business.

Part 3b Affordable Online Advertising

Here you will learn in greater detail about affordable and effective online advertising. You can use one or several of these avenues and with good tracking procedures you will have your finger firmly on the pulse for your business goals.

Part 4 Return on Investment

Tracking return on marketing investment is an essential task to ensure you have an effective marketing and advertising program. If you can successfully track your ROI you will have mastered effective online advertising which will save your precious time and money.