We all have marketing budgets and if you’re like me, they’re simply a guide to where you put your investment. As the year goes on, opportunities do come up and there is a need to re-distribute or change your budget.
The root is primarily due to an internal or external change in your environment. Some things to consider when, well… considering a bit of a re-distribution or “shuffling” of your marketing budget.
A change in
- An organizations business line or sector
- A market change or new emphasis
- An opportunity based on competitive activities
- A new idea that you want to try
Of course, when or where you decide to invest your marketing, it’s important to think about the investment. When (and) will you get the most bang for your buck? How will your efforts support the larger goals of your organization? Will the investment bear short-term or log-term results? What are the downsides of decreasing elsewhere a portion of your budget?
No matter what you decide a budget change, document your ROI and track it. That way you can make informed decisions as to how and where you want to invest in the future. That’s key when it comes to making sure that your money gets put into the right places.
Thoughts? Comment below.