It’s about that time. Manufacturing companies all over are working on developing their marketing budgets for 2013. With the economic climate as unsettled as it’s been, you might be faced with having to make some tough decisions regarding your budget. There’s just simply not enough money to fully participate in every marketing effort you’d like to engage in. How can you develop a budget that helps you participate in the most effective marketing activities for your manufacturing business? Here are five things you can do to make wise budgeting decisions.
- Develop Marketing Goals. It might seem obvious, but this is probably the most important step that you should not overlook. If your goals are to launch new products, enter new markets, develop a thought leadership position, increase brand visibility, or anything else, you’ll need to consider these factors as you lay out your budget.
- Prioritize Your Marketing Goals. You could have any number of marketing goals, but to successfully budget to meet these goals, you’ll need to set priorities. You might need to set aside some goals in order to achieve the most important ones. Develop your budget from the top down and allocate the bulk of your budget to your “must achieve” goals.
- Learn From the Past. When it’s time to develop your 2013 marketing budget, it’s the perfect time to re-evaluate some of your marketing programs. Measure how much money and effort you put into each marketing activity and determine what you really get out of them. If you’re currently involved in online marketing, you can easily measure the conversions, clicks and impressions. If you’re not involved in online marketing, think about how your target audience uses the Internet. Internet marketing is becoming more popular with manufacturing companies today, so if you haven’t considered entering this space, now might be the time to do it.
- Spend a Little, Make a Lot. Invest your marketing dollars in programs that can help you achieve multiple goals. If you’re working with different partners, share all of your marketing goals with them. They might be able to help you in ways you didn’t anticipate.
- Plan for Everything. As you probably already know, nothing is set in stone. Goals can change and the economy can shift as the year goes on. You should develop your 2013 marketing budget based on the most likely scenario, but be prepared for things to change. You might end up needing to re-allocate funds during the year or even slash your budget.
What are some things you consider when determining your manufacturing marketing budgets?
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