While the old saying goes that you have to spend money to make money, that doesn’t mean that you don’t need to stick to your marketing budget. It’s critical to stay on target and make every dollar count so you can maximize your return on investment and increase your profit margins. How can you be sure you’re not breaking your budget?
Start by creating your overall budget out of a number of smaller budgets. You need to know both the big and small picture of where your money is going. The smaller budgets will allow you to switch out marketing strategies that aren’t working and move money elsewhere without breaking your overall budget. You must also assign a specific amount for each marketing campaign before you launch it. This is not a ballpark figure, it’s a hard and fast number. Then, track your results to ensure that you are spending only your allotted budget on a specific campaign or platform. Use those numbers to discover which marketing tactics are too inefficient, and drop those. If you continue to monitor your results in this way, you’ll hone in on the most effective marketing strategies and be able to devote more resources to them!
Read the full article here: 5 Steps for Sticking to Your Marketing Budget