So you’ve approached your marketing budget the smart way – carefully allocating the figures for each activity, ensuring that enough funds will be available… But, before you know it, the end of the financial year is now fast approaching. And with it? Excess budget. Not wanting it to go to waste, you might look for last-minute projects to get signed off before it’s too late.
This is more often than not a rushed decision, leading to unwise investments. Instead of taking this hasty approach, try one that allows your money to be very well spent.
Determine your goals
First, know what you want to get out of your budget. Simply rounding off your weekly meeting with a “we haven’t done enough of X type of marketing this year, let’s do that” won’t get you very far. Be aware of how each type of promotion aligns with your wider business goals and consider what you could achieve (and how) with the funds available.
Certain areas of marketing are a marathon, not a sprint – throwing a few hundred or thousand pounds at a one-off piece of promotion could prove to be a complete waste. After all, you can’t expect approval for an eleventh-hour SEO campaign when it needs to be part of a much wider tactic.
The best areas of marketing can either be used for a quick win (generating an immediate ROI) or over a long period (allowing you to bulk up on your marketing resources, saving investment at a later time). Let’s explore them…
Marketing projects for short-term returns
Paid ad campaigns are one such quick-win method, depending on the objective you choose. Whilst some are designed to create leads in an instant, some can be intended for alternate aims like increasing brand awareness. Many marketers are reluctant to try paid ads early in the financial year due to the upfront cost, so excess budget is the perfect time to trial them – especially as you can conduct split test ads to assess what does and doesn’t work.
Offering an incentive or enticing customers with competitions is another sure-fire way to see the marketing results you want. These can be run for free on your social media pages, but with a little investment in the prize to make the offer irresistible.
Or perhaps you could maximise the impact of any present activity. For example, if you’ve just attended an event, or are about to, then you could use event coverage or a write-up to widen your reach to and engage with a larger audience.
Marketing projects for long-term gains
Whilst event content is very much in the moment, it can still have long-term benefits if you publicise it at intervals on your social media channels. And the same can be said for other types of content, such as case studies and video. By making them evergreen in nature, they can potentially be used for years to come.
Alternate types of content, such as whitepapers, brochures and other print materials, might take a little longer to create. But this doesn’t stop you allocating the budget to them now, and benefitting from them once they’re complete.
Making You Content can help you scope out projects that ensure you invest excess budget wisely, so you reap the rewards long after the financial year ends. From the strategy behind your spend to content creation and distribution, we will ensure the finished product is worth its weight in gold.
Give us a call on 0161 660 9206 or send an email to [email protected]. We’ll not only put your brand into words, but also ensure you get the very most out of your budget.