How to Create a Marketing Budget for 2022
Over the last several years there has been a significant shift in how marketing budgets are used. While this budget was once used primarily for print ads, magazine ads, radio and television ads, and catchy jingles, you’ll now find website investments, social media marketing, and SEO at the forefront of marketing budgets. One thing that has not changed is the challenge that business professionals face when determining adequate marketing budgets. As you look ahead to 2022, we encourage you to set aside time to properly budget and plan your new year marketing initiatives. Here’s how to get started:
STEP 1: Solidify Your Marketing Plan
What’s the best way to plan that budget so you get the very best ROI? First, you need to start with a plan to ensure your marketing efforts are intentional and in alignment with your business goals. Ask yourself the following questions:
• Do I have a solid marketing strategy in place?
• Are my sales funnels properly built and ready to go?
• Can I justify the marketing budget I’m asking for as far as return on investment?
• Will I be able to provide a direct link between marketing spend and an increase in leads?
• Do I have certain technologies that need to be implemented or refreshed?
step 2: know what to include in your marketing plan
Your 2022 marketing budget will include many things and is rarely a standalone document. Think of your marketing budget as a financial plan that will deliver your marketing strategies.
All your discretionary marketing spend is included in your marketing budget, and the results allow you to achieve the goals you’ve set for marketing. A marketing strategy is essentially the logic that will allow you to achieve your marketing goals—tracking marketing expenditures is crucial.
Depending on the nature of your business, your industry, and your level of income and expenditures, your marketing budget could include paid advertising, sponsored web content, a registered blog domain, marketing automation software, new marketing staff, keyword research, building a buyer persona, content, or many other things.
step 3: determine the size of your marketing budget
Once you have a comprehensive understanding of your inquiries, leads, and sales, you will be able to estimate your financial goals and targets. It is important that you do not forget innovation when setting your 2022 marketing budget. You may be able to justify new tools, marketing advice, or further automation, although this could depend heavily on your specific industry, and where you are right now.
When you understand that marketing budgeting and planning are long-range activities that typically cover from 1-5 years, you can think ahead to 2022 and even further out.
Smaller businesses may have hesitations about budgeting a significant amount for new marketing endeavors. Make 2022 the year to get past those hesitations. Even smaller businesses on a shoestring budget can benefit greatly from a well-laid marketing plan and allocated budget.
A solid marketing plan that is aligned with your business goals is essential. It can be difficult to know what investments are worth your limited budget. Success begins with a clear strategy. Need help defining yours? Contact us. We are here to help!