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Top budgeting tips for 2021
By Stacey Wilson, Client Services Director, Infinity Nation
Attention: Company Owners, Founders, MDs & Marketers. These are the budgeting tips that you NEED to read as you start building your budgets for 2021. There are several factors to consider and we’ve listed some of them below for you.
N
obody knows for sure what tomorrow may bring but keep an open
mindset and have a budget based around your data. That way, you can tackle any new opportunity to create growth for your business during the next phase of the economic recovery.
Calculate your budget using new data, not historical projections 2020 was an unpredictable year with Covid-19, murder hornets and the impeachment of a US President. This was a year that no companies could have prepared for as it was erratic and random. Therefore, companies should not try and look at historical projections for their budgets. Instead use 2020 data to model future trends and act decisively to ensure that your company maximises its ROI.
Don’t hoard all of your funds or halt your marketing activities. Instead, take a bottom-up approach and consider your marketing budget. This will give a picture of the budget if you estimate future demands for your products, as well as considering the cost of conversion with your marketing activity.
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Treat your marketing as an investment, not an expense Marketing should be a profit- core for the business and, therefore, tied to recognisable business-wide goals, such as online or off line sales, leads, consumer engagement, and so on. During times of economic uncertainty this is even more important.
If your company has seen a decrease in sales and wants to become more financially conservative, a marketing budget should still be a top priority as spending money on advertising could be the key to increasing your sales and getting out of the red. On the other hand, if you’re experiencing a surge in interest and want to expand your marketing efforts to meet these demands, your marketing budget is vital to create and deliver the right message which will resonate with your customers. Either way, focus on your marketing budget as it will play a key part in generating new business, so don’t create marketing specific metrics such as CTR and Reach as these will create unreasonable expectations from your senior stakeholders.
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