The global digital marketing industry is currently worth over $700 billion. With a constantly changing landscape and always evolving technologies, it can be difficult to decide where to spend your marketing budget.
Of course, this is assuming that you even have a big marketing budget in the first place! Very few B2B companies have the luxury of having as large a marketing budget as they want or need.
That’s why today, we’re sharing a guide on how to create a B2B marketing budget that you’ll stick to. Whether you want to promote your products or build your brand authority, keep reading for a breakdown of where to allocate your marketing dollars this year.
1. Define Your Business and Marketing Goals
The first step in creating a B2B marketing budget will be to focus on creating measurable and tangible goals you want to achieve with your marketing strategy. To do this, you’ll need to look at the broader context within which your department exists. What are the biggest goals of the business and how can marketing help to achieve these whatever they are?
2. Determine What You Can Afford to Spend
Once you’ve defined your goals and marked out a rough strategy for achieving them, you’ll be better positioned to figure out what you want to spend. This of course then gets weighed up against how much you have to spend. This process will likely involve a lot of negotiations and compromise and hopefully, you’ll come up with a figure that works at least somewhat for everyone.
3. Allocate Your Budget Across Different Channels
Now you’ve got your goals and you’ve got your available funds. It’s time to begin to figure out how to allocate them.
Different B2B marketing strategies will require different levels of spending. It’s all about finding a balance and spending in a savvy way.
4. Choose the Right Tools and Strategies
As you’re beginning to allocate your budget you’ll also begin to recognize the areas that are most crucial to your campaign. Do you need to invest in B2B content marketing this year or begin to work with B2B lead generation companies? Think not only about your short-term goals here but also about ROI over time.
5. Monitor and Adjust Your Budget Over Time
Once you’ve created a budget you do want to stick to it. But that’s not to say that there won’t be room for improvement or it won’t need adjustment from time to time. Especially in the first few months monitor your budget closely so you can assess if and how it’s working or whether it could benefit from some revisions.
Make the Most of Your B2B Marketing Budget
When it comes to your marketing budget, it’s not about what you’ve got but how you use it. Be savvy in the way you wield your B2B marketing budget and there’ll be no stopping your business.
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