Taking into account that your marketing budget as a SMB can vary from $1k up to $500k, it can be difficult to pinpoint the best areas to focus your spend. Whether you are looking at advertising or more specific marketing channels, every dollar in your budget is a luxury that deserves respect from everyone, says Blisscare Health cofounder Igor Statkevitch.
“Your marketing strategies, and consequently the budget, will depend on the business life cycle and growth trajectory,” says Statkevitch. “My philosophy is simple – visualise what you expect will be the final outcome, and follow this up with extensive planning and powerful execution.”
Blisscare Health is a medical and healthcare management company specialising in senior’s health, fitness and wellbeing.
“We design and develop healthcare infrastructure and solutions across Australia to improve healthcare standards, customer experience and service affordability for our elderly clients,” he says. “Our organisation does allocate money for marketing strategies and campaigns, however, everyone is involved in the process to maximise our ROI.”
According to Statkevitch, there are a number of factors to consider when it comes to ensuring your budget is supporting your business objectives.
Invest in education
Spend your marketing budget on training and improve your team’s understanding of marketing as a discipline, says Statkevitch. This will help you make informed decisions and see the best ROI.
Create a policy and stick to it
Many marketing strategies promise a return on investment, but you need to ensure you are consistent when it comes to drawing up your plan and allocating your spend. Ensure you’re referring to a ROI formula for your marketing spend, and that you have a business branding, communication and marketing policy outlining your processes and how you plan to promote your business to receive the best ROI.
Carry out a SWOT analysis
Run a SWOT (strengths, weaknesses, opportunities and threats) analysis on your campaign before embarking. Strengths refer to factors providing you with results. Weaknesses in your strategy might be a poor online presence. Opportunities can come in the form of seasonal trends, for example, or increasing demand in your market. Threats could refer to your competitors or the economic climate.
Define a good investment
What guarantee do you have from an organisation that either requests your sponsorship money or requests your support for marketing purposes? How will you measure the ROI?
“If a company organises an event and requests sponsorship they usually offer you ‘business opportunities’ suggesting they can ‘open doors’ for you. Many SMBs jump at the chance and pay their last dollar for an opportunity to secure good ROI, but often these can be empty promises,” says Statkevitch.
“Many sponsors do very little to go on the entire journey to see ROI to fruition. To assist organisations requesting my sponsorship, I’ve developed my own set of KPIs, goals and objectives which I classify as a good investment.”
- Set up five to 10 one-on-one introductions for potential clients;
- Be seated next to three key people to talk to;
- Seek an opportunity to speak or chair a panel discussion;
- Request a workshop be organised on a specific topic that is chaired by one of the staff members;
- Conduct a media interview and be included in the promotional campaign.
These example requests can make organisations work with your business and meet your own objectives.
For more information on how to get the most from your marketing budget this article explains how to manage your budget with a step-by-step approach.