Create an Enterprise Marketing Budget Strategy

CREATE AN ENTERPRISE MARKETING BUDGET STRATEGY Helpful Pre-Budgeting Research Industry and Market Research Research demographics of target customer. Research psychographics of target customer. HELPFUL RESOURCES http://www.nielsen.com/• http://www.mediapost.com/ Competitor Analysis/SWOT Determine your Strengths, Weaknesses, Opportunities and Threats. Research Competitors in your industry. HELPFUL RESOURCESI http://www.hoovers.com/. http://www.dnb.com/ INTERNAL EXTERNAL A Strength 8WEA Weokness An Opportunity 8 nre A Theat Could be any other aspect of Could be lack of marketing Could be a market vacated by Could be when taxation is your business that adds value expertise or undifferentiated an ineffective competitor. introduced on your product or to your product or service. products. service. Internal Marketing Performance Records Compare Results Against Corrections and Marketing Objectives Performance Standards Standards Alterations Control involves measurement, evaluation, monitoring, and setting standards. Marketing Audit THE INTERNAL MARKETING ENVIRONMENT THE EXTERNAL MARKETING ENVIRONMENT A REVIEW OF CURRENT MARKETING PLAN MEN (Labour) • What is the nature of the "client"? Current objectives • What is the nature of competition in MONEY (Finances) Current marketing strategies target markets? • What is the demographic? • What are the buying habits in your MACHINERY (Equipment) Marketing process control MINUTES (Time) industry? Marketing budget 19% MATERIALS (Factors of Production) Marketing mix 11% Email I Online Display Advertising 10% I Paid Search (PPC) Search Engine Optimization (SEO) I Social Media I Website I Other Online Marketing 6% Quick Recap: Planning your Budget 1 Estimate your desired spend with your accounting team. 2 Develop a list of strategies based on your research. 3 Break the list into categories. 4 Determine your priorities and goals. BRII 5 Negotiate pricing and placement options with media vendors. RKIT 6 Adjust your strategy to meet your budget. MARKETING PLAN CHECKLIST M Research M Budget Wisely O Create Effective Content Develop your Marketing Plan Budget Important Considerations I Know how much you have or want to spend. Companies that sell to specific government branches or one that has an ultra-specialized niche may be 2 Develop a list of what marketing strategies you want to use. able to deduct 1-2% from the figures on the side. 3 Break the different strategies into tiers. 4 Determine your priorities. The average marketing spend is 4-6% of annual revenue, taking into consideration the business size 5 Make strategy cuts until you're within budget. and industry. LOOK AT TRADITIONAL ADVERTISING SPENDING TOP 5 ADVERTISING SECTORS In U.S. by 2011 Revenue Forecast Looking at Global Marketing Spend ($ MM) I 2007 I 2011 Traditional Advertising 32% 70,000 Consumer Promotion 31% 56,000 Interactive/Banner 13% 42,000 Public Relations 12% 28,000 Direct Marketing 6% 14,000 Search Marketing 5% Direct Mal Cable TV Internet Newspaper Broadcast TV Direct Sales A GOOD RULE TO FOLLOW The Magic Number Budget Total = ARR - ACS/CAC ARR ACS CÁC Average Recurring Revenue Average Recurring Cost of Average Client Acquisition per client. Service per client. Cost per client. CREATE RELEVANT CONTENT Top Reasons to Create your Content Content you can Create In-House SEO value Without content, your entire SEO strategy is off-base. (2 Industry thought leader Creating genuine, intelligent, and noteworthy content helps position you as a thought-leader in your industry. Blogs Social Media Email Blast Infographic Education What's Outsourced A+B-C By providing professional, thought-leading content to Design Messaging others, you are essentially helping educate. Some Case Studies Knowing your industry By providing relevant content about your industry to Media Kit your clients, you prove that you are involved, educated, and care about your industry. Guest Blogs Once you have completed each item off of your to-do list, you are well on your way to implementing your marketing strategy and can begin tracking your ROI. Don't forget to review your marketing efforts and ROI and make necessary adjustments. Sources) http://marketingteacher.com/lesson-store/lesson-marketing-research.html http://marketingteacher.com/lesson-store/lesson-swot.html http://marketingteacher.com/lesson-store/lesson-control.html http://www.marketingsherpa.com/1news/chartofweek-02-09-10-lp.htm How to Develop a Marketing Plan Budget | eHow.com http://www.ehow.com/how_2334588_develop-marketing-plan-budget.html#ixzz1Eey9AfpF http://www.ehow.com/how_2334588_develop-marketing-plan-budget.html http://www.imageworksstudio.com/dient-lounge/articles-tips/setting-a-marketing-advertising-budget.html http://www.emm101.com/docs/EMM101%20-%200ptimize%20Your%20Budget%20Through%20Marketing%20Mix%20Analysis.pdf http://www.bestrank.com/blog/large-search-marketing-budgets-indicate-effectiveness MAY MAY 2011 Below the Line