Setting and staying within the limits of a marketing budget can be one of the most difficult tasks of an marketing agency. It requires attention to detail, properly utilizing data, and smart marketing decisions.
To set a budget that helps you get the most value out of marketing, experts offer the following tips.
Base your budget on a percentage of gross revenues.
In a recent article from Entrepreneur, experts suggest that new companies plan to invest 12-20 percent of gross revenues on marketing. For more established companies, that number should be between 6 and 12 percent.
Optimize your spend.
It’s easy for data analysts to get caught up in the campaign spend numbers, but it’s also important to remember that marketing also involves design, website updates, content, events, and more. For these types of expenses, it’s possible to get high quality, but inexpensive services. Consider opting for these more affordable options when setting a budget, so you have more spend to allocate on budgets with less forgiving expenses (paid search, social media marketing, etc.)
Beware of hidden costs.
Even when you spend wisely, hidden costs will sneak up on you. Hidden costs include upsells, premium services, add-ons, and more. Plan for these unforeseeable expenses by allocating a percentage of your budget to hidden costs.
Set your budget based on marketing goals.
Where you choose to allocate your budget will depend on what you are trying to accomplish. Your budgets for paid search and social media, for example, will fluctuate depending on how many clicks and impressions you get. They will also increase or decrease depending on how many people you are trying to reach.
To come up with a good budget number, sit down and determine your goals, evaluate past data and future projections, and come up with a number for how much you will need to accomplish your goals.
Then, continue to monitor your spend and budget with a data analytics software like Tapclicks.
How to set a marketing budget in TapClicks
At TapClicks, we understand the importance of sticking to your marketing budget. One way to do this is to consistently monitor your budgets to make sure everything is as it should be.
With TapClicks, you can set up a widget to monitor any aspect of any of your campaign budgets. Remember, TapClicks allows for hundreds of integrations, so your options of setting and monitoring budgets are limitless. Here’s a quick example of how it works.
Let’s say you wanted to monitor your paid advertising budget. For this example, we’ll assume you already have a dashboard created for your paid advertising campaigns.
To set up a budget, simply click on your “paid advertising” dashboard.
Then, click on the plus mark to add a widget.
You can select whatever data representation best suits your needs. For this example, let’s select “gauge chart.”
Then, TapClicks will guide you through the process of customizing your widget. You can enter a title for the widget, select the data source, select a data view, and then choose the metrics you would like to measure.
As soon as you save the changes, the widget will start tracking these metrics.
Then, to monitor your spend vs. your total budget, all you have to do is take a quick glance at your TapClicks paid advertising dashboard. It’s as easy as that!
Again, it’s probably that you have several marketing budgets to monitor. Rather than tracking these manually, simply create a dashboard for each of your marketing campaigns, and set up a widget once to track your budgets.
This method will help ensure you save time, save money, and stay within your marketing budgets.
For more information on how to set up a budget, or to get TapClicks, visit our website today.