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How to Manage Your Entire Marketing Budget

Here's a hypothetical for you: Let's say your company has decided to invest in a website redesign so you can improve lead generation, and you're responsible for managing the project. Naturally, one of the first questions you have is, “How much is this website redesign going to cost?”

The answer, of course, is “it depends.” Are you simply switching to a new template and adding some new CTAs, or are you migrating your entire website to a new platform?

If only there were a way to organize your answers to all of these questions -- a place where you could enter in estimated costs for all of your line items, and then compare your projected marketing budget to what you actually end up spending ... Good news! Our latest offer, 8 Free Budget Templates to Manage Your Marketing Spend, has got you covered. Included in our eight budget templates bundle is a template to manage your website redesign ... as well as templates for both Excel and Google Sheets to help you track your content budget, paid advertising budget, event budget, and more.

Aligning Your Budget With Your Marketing Goals

What you spend and where you spend it will depend on what you’re trying to accomplish. This is especially true when it comes to paid advertising like search and display ads, social media ads, and so on.

HubSpot's former Demand Generation Marketer and Trello's current Product Marketing Manager, Jessica Webb, says this about how your costs can change when focusing on lead generation vs. lead conversion: "The majority of the money you spend on paid efforts is usually calculated based on volume of clicks or impressions. Because of this, you'll often want to put more budget toward campaigns with higher-volume offers and audiences."

"For example, a tweet or Facebook ad promoting a lead generation offer that leans more top of the funnel will likely receive more clicks than something that falls more toward the middle or bottom of the funnel," she explains.

Your paid advertising costs will also change depending on how wide of an audience you are attempting to reach. "You can look at Twitter advertising as an example," Webb explains. "You have to option to target your campaigns based on users' interests or keywords searched for. Interests are a much broader category, whereas smaller pockets of users are searching for any given keyword, therefore your interests-based audience is going to be much larger and require a larger budget."

To keep better track of your paid advertising efforts, download the Paid Advertising Budget Template (included in the8 Budget Templates to Manage Your Marketing Spend).

Beware Hidden Costs

One of the great advantages to having and maintaining a budget spreadsheet is that it helps you avoid those end-of-the-quarter or end-of-the-year freak outs when you realize, “Whoa … what did I spend all that money on?”

In many cases, unanticipated costs can force marketers to fork over cash that they didn't plan on spending. Product marketing offers a perfect example. According HubSpot's VP of Marketing Meghan Keaney Anderson, it’s easy to forget that successfully marketing your products and services requires more than just promotion.

"When people allocate budget for product marketing, they tend to think in terms of product launches and promotional activities," Anderson explains. "That's certainly an important part of it, but another area of focus to remember is setting aside resources to conduct research and message testing long before the product ever goes to market. Having conversations with customers about the pain points your product will ultimately address is critical to shaping the messaging and having a successful launch.”

To better manage your product marketing efforts, download the Product Marketing Budget Template (included in the 8 Budget Templates to Manage Your Marketing Spend).

Remember Where Your Priorities Lie

Marketing is overflowing with add-ons and extras, upsells, and “premium” versions. One of the best ways to assess what’s nice to have versus what’s absolutely necessary is to (you guessed it) organize all of your expenses. By keeping tabs on where your budget is being allocated, and cross-checking that spending with the results you’re getting, it will be much easier to figure out what should keep getting budget and what should get kicked to the curb. For example, let’s look to the world of public relations. In PR, there are countless tools to which you can allocate budget, which could leave you overspending where it doesn't matter -- and underspending where it does.

“Tools abound to help PR practitioners not only create and distribute great content and find and target key stakeholders, but to ultimately measure reach and effectiveness," says Nathaniel Eberle, HubSpot’s former Director of PR & Brand and LogMeIn's current Director of Global Brand Management. "The key is making sure you’re laser-focused on who you’re setting out to reach and influence, then ensuring that your budget supports how they’ll most likely want to receive (and share) your key messages.

“As the media and digital landscape evolves at breakneck speed, continually reassessing the tools, services, and programs you’re employing is a great way to determine real-time ROI of your overall spend. Today’s measurement tool may be worthless to you tomorrow.”

To get better at prioritizing your PR line items, download the PR Budget Template (included in the 8 Budget Templates to Manage Your Marketing Spend).

It’s Not All About the Benjamins

When you open up these budget templates and check out all the various expenses detailed in them, don’t fret if you can’t tick every box. I’m not advocating for an “always spend more” approach to marketing. I’m advocating for an “always spend smart” approach. The expenses listed out aren’t mandatory -- they’re just meant to guide your thinking and to help ensure that you haven’t overlooked any hidden costs.

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The benefits of having an integrated marketing campaign

An integrated marketing campaign is the application of consistent brand messaging across both traditional (e.g. direct mail) and non-traditional (e.g. social media) marketing channels and using different promotional methods to reinforce each other.

Employing an integrated marketing campaign will create a unified marketing strategy that will deliver numerous benefits. Not only will it boost sales and profits, but it will also increase brand loyalty, save you money and increase your competitive edge.

Utilising an assortment of channels (email, direct mail, mobile apps, SMS and social networks, for example) to send out consistently branded messages which your audience can relate to in any format is a key part of creating a successful integrated campaign.

By doing this you will produce an all-encompassing strategy that works together to support the bigger picture and your customers will thank you for it. In fact, according to the E-tailing group’s 4th annual Consumer Insights Survey, 72% of consumers want an integrated marketing approach.

So what are the benefits of an integrated marketing campaign?

Develops trust

When it comes to advertising, customers are generally on the sceptical side of the fence (in the vein of ‘it’s too good to be true’). By integrating your messages and keeping them consistent you will build trust with your intended audience and they will be more likely to give you the benefit of the doubt and click on the very enticing link that you have provided them with.

Takes away the confusion

It is very easy to get in your own way, and if you are sending out marketing emails covering a bit of something here and bit of something else there, it is very easy for customers to miss the point you are trying to make.

By pulling your campaign together into one cohesive bundle that keeps the objectives clear and the message simple, your customers will have a much clearer view of you as a company and will be more likely to react in the way that you want them to.

It is more effective

When you integrate your campaign it will be more effective. By communicating consistently via a variety of channels, you are reinforcing your message which, in turn, makes your message more powerful.

The uniformity of your message will raise brand awareness and trust, and will lead to the customer thinking of you first when they are ready to buy or make a recommendation to a friend or colleague.

A survey from Gartner Research found that lead management campaigns integrating 4 or more digital channels will outperform single or dual-channel campaigns by 300%.

Increased efficiency

Integrating your campaign will help you to streamline your process.

Once you have decided on the single pronged approach that will be implemented across your various channels, you will find that you have a much less complicated campaign to run.

Instead of needing to create various resources for different spins of the campaign, you can utilise the same imagery and messages throughout and cut down on planning, meetings and resource.

You will save money

Photography, graphics and content are costly to a business. By integrating your campaign you will eliminate the need for duplication, as when you integrate, you share across channels and this will save you both money and valuable time.

You should also think about how you can use these images across all areas of your business, for instance, could they be used on an exhibition stand or on your website?

You will increase morale

An integrated campaign can do a lot of good in terms of building trust in your brand and increasing revenue, but it can also help your business internally.

When you run an integrated campaign your team have to pull together, share talent and stay on top of communication to ensure consistency. Not only will the great results of the campaign up team morale, but the work done to integrate across the multiple channels will also have turned them into a well-oiled machine ready to champion the next campaign.

3 top tips to ensure a successful integrated marketing campaign

Make sure everyone is on the same page. Include management of various levels as well as representatives from PR and Sales in the planning meetings and ensure they all know what the integration of the campaign entails. For a successful campaign, everyone needs to know what is going on, otherwise confusion will arise and you won’t be able to work as one team.

Create an easy to follow marketing communications strategy. This should have clear objectives and positioning statements. It should also connect core values into every communication and ensure that each element of content that it contains builds your brand, rather than dilutes it.

Use a Brand Book to maintain and guarantee common visual standards for the use of logos, typefaces, colours, sizing of imagery and so on.

Integrating your marketing campaign may initially seem a bit daunting, as on the surface it seems like a lot of extra work may be involved.

If you push past this initial fear, you will soon find that it is incredibly rewarding in financial terms as well as for customer retention, brand awareness and internal team morale and that the effort is more than worth it.

You will also find that once you have got through your first integrated campaign, future campaigns will run like a finely tuned car ready to win its next race.

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28 Positive Things You Can Do When Business Is Slow

A slow period is just another name for opportunity

There are times for any entrepreneur when things can slow down. Seasonal trends, whether holiday time for many businesses or obvious lack of demand or opportunity. (Ever try to work as an exterior house painter in sub-zero weather?) In some industries, the interest of customers turn elsewhere in the summer.

Macroeconomics may play cruelly in your industry, or there could be a recession. Maybe there's been an unusual local or regional event that hurt your business. No matter how high flying your company, eventually it will experience a slowdown. It can be tough on an entrepreneur. You worry about the health of the business, your employees, bills, your income and obligations.

You could get stuck in a funk, but that does no good and can only lead to depression, inaction, and, as a result, more problems. Instead, here's a list of 28 things you can do. Some are aimed at your business. Some recognize that when things slow, there may be other parts of your life you can attend to.

How do you handle a slowdown?

Market your business. It seems obvious, but some people don't immediately jump into overdrive. If you don't, try it. Not only will you eventually get more business coming in, but you can learn a lot about what works and doesn't in your marketing.

Personal promotion. It's a bit separate from marketing the business. Work on your personal brand and public recognition. The better known you are, the more opportunities will come your way.

Rethink your business model and processes. No company does everything right. When there's a slack, you have the opportunity for reflection, refinement, and redesign that you probably regularly wish was available.

Strategic planning. If things generally run well, look at markets, customers, and other trends. Is your strategy still on target? Are there new things you should be considering?

Ask for help. Entrepreneurs might find this tough, because you have to admit there's a basic problem beyond a periodic aberration. Look to others who know more than you and get solid advice that you can take.

Take some down time. Avoid burnout when the opportunity is handed to you. You might even fit in a short vacation.

Take a course. There are many areas of learning that could help you in your business or that might bring new ideas and knowledge, which is good for creative thinking and innovation. Check out the number of online classes in any field (many free or inexpensive), or see what's available in a traditional class if you're craving some human interaction.

Take up a hobby. Enrich your life by exploring an activity that's always intrigued you.

Study another industry. The longer you work in an industry, the more you risk becoming myopic. Look at what other types of businesses and endeavors do. How do they solve problem and what might be applicable with a twist to yours?

Network. Get involved with business groups. Stay in touch with colleagues. Feed and expand your network.

Develop new offerings. Consider whether there are new products and services your existing customers and markets might appreciate.

Do competitive research. Invest some time in better understanding your most significant competitors. Are they also having a problem? If not, what might they be doing differently? If they are, take stock of their current strengths and weaknesses.

Strengthen important relationships. Separate from networking, think about the people who are important to you and consider when's the last time you paid them proper attention.

Spend time with family and friends. This could fit under the above, but think of it separately so you explicitly consider your personal life, not just the business side.

Indulge in the arts. What a wonderful way to open horizons in your thinking and perspective. Read, listen to good music, attend dramatic performances, walk through an art gallery or museum.

Develop a skill. Whether in business or life, you likely can catch yourself thinking, "I wish I knew how to do that." Now's the time to learn.

Improve your time management. Things will speed up again and you may find yourself fondly thinking of the extra time you had. Open more of it by using what there is wisely.

Upgrade your office. Whether it's new tech, new furniture, a coat of paint, a thorough cleaning, or general organization, prepare yourself and become more efficient.

Personnel development. There's more in your business than you. Help develop your staff members and expand their horizons.

Survey customers. What do they actually think, want, and feel outside of your assumptions? How is your company doing in regards to them? Get some harsh but necessary answers.

Survey employees. Knowing what's going on with people at your company is every bit as important as knowing what the customers are doing.

Write. Turn out some articles or blog posts. Start a book if you're so inclined. Nothing cements understanding like the process of explanation.

Teach. Sharpen your knowledge by importing it to others, and work on your interpersonal skills at the same time.

Volunteer. You might choose a charitable non-profit or an industry or professional body. Whatever the choice, do some good for someone else.

Exercise. You really don't have an excuse now. Start a good habit.

Take care of medical issues. When you have downtime, see if you can move up an annual physical, optional procedure, or necessary visit to the dentist. You'll enjoy having the time freed up when you might need it more.

Do your bookkeeping and taxes. If you're behind on recordkeeping or other paperwork, get it done.

Start another business. Not in terms of giving up, but maybe you've had a second idea you wanted to explore. Why not own an additional going concern?