Why You Need a Consistent Marketing Budget
For many small businesses, marketing budgets are small and ever-changing due to urgent business expenses such as employee salaries and rent. If you find yourself in this situation, it can be tempting to base your marketing budget on whether or not you have a profitable month. Here’s why this is the wrong move for your business.
Out of Sight, Out of Mind
According to the widely accepted concept of top-of-mind awareness, consumers typically patronize the businesses that are most readily available in their minds when they’re looking to make a purchase. When businesses take a marketing hiatus of a few weeks or months, this can cause them to fade into the background of customers’ minds and result in a decrease in revenue. The whole point of creating marketing content, whether it be for your company’s social media page or blog, is to make sure customers are aware of and engaged with your brand. Frequent breaks and interruptions in your posting can be detrimental to the success of your business.
Determining Your Budget
It might seem like the best move to increase, decrease, or even cease your marketing spending based on whether or not you have a successful month. However, it’s important to resist the temptation to fluctuate on your spending and instead stick to a reasonable, consistent budget. If money is tight, commit to a relatively small budget to ensure you’re able to consistently dedicate that amount. At the end of an especially profitable month, you’ll likely have extra funds leftover so go ahead and set those aside for next month’s marketing expenditures, just in case sales decrease. By keeping your budget the same each month, you’ll eliminate dead spaces where your various marketing channels go through periods of radio silence.
For organizations with smaller marketing budgets, it’s essential to repurpose content whenever possible in order to minimize costs. For example, it might take a couple thousand dollars to create a series of thought leadership videos that effectively communicate your company’s unique value proposition and capabilities. While this cost might seem prohibitive at first glance, when you repurpose the videos into other forms of content, your money stretches for miles. Here are a few items you can create with the help of a marketing partner:
Blogs: Your insights from the video and its transcript can be transformed into multiple blog posts. By creating two versions of the information that can be consumed in different ways, you’re ensuring that your message gets to the largest number of people.
Social Media Shorts: Split your video series into smaller clips that can be shared across social media platforms. Many Millenials and members of Generation Z prefer short videos to long ones, so they’ll be more likely to digest your content if it’s presented in shorter segments.
Quote Graphics: Quote graphics perform extremely well in social media posts and on websites, so you should create a handful for each video created. If you’re looking for help creating a stunning template to showcase your team’s quotes, make sure to contact us.
Social Posts: When creating social posts, thought leadership videos featuring your top employees can serve as a source of inspiration. You can utilize their expert opinions and unique insights to create posts that communicate the true value of both your company and team members.
Ask For Help
Choosing to work with a marketing agency is the most effective way to minimize your costs while maximizing your efforts. It’s also often more economical to hire a professional who can do the work more quickly and efficiently.
At Parklife, we spend all day, every day creating stunning content that helps our clients boost their revenue, secure new customers, and increase customer retention. Contact us today and let’s discuss how we can turn your marketing dollars into something truly magical.