Article Courtesy of: Inman News
By: Rainy Hake Austin
With a new year on the horizon, it’s important to begin planning for 2022 — and this includes how you’d like to effectively market your business.
When developing your marketing budget for 2022, I suggest taking a holistic approach to your marketing strategy and how best to leverage the new and existing channels at your disposal.
Your budget should account for a diverse marketing mix including print, digital, social media, mobile, direct mail, event marketing and more. Here a several tips for setting up an effective and strategic marketing budget for 2022.
1. Consider the long-term investment
When developing your marketing budget for 2022, consider marketing as a long-term investment for your business — not just a line item.
In our industry, marketing has become an essential element of the business and must be treated and approached with the same emphasis on strategy and investment as any other part of your yearly plan. Consider how to best anchor and support your goals and objectives with targeted marketing approaches throughout the year.
2. Plan early and often
Though the end of the year is a popular time to plan, it’s prudent to take inventory early and often when it comes to your marketing budget and strategy. Examining the success and failures from previous years and pivoting when necessary while reinvesting in areas giving you higher ROI is key.
3. Base your budget on goals
What do you want to accomplish in the new year and what marketing strategies do you want to implement? Don’t guess these items, but rather, strategically tailor your year to meet key milestones.
Your marketing budget and goals should be an extension of your business strategy. This will help to set a clear intention and plan ahead.
4. Develop markers for measurement
Set markers for measurement throughout the year and account for them often. It’s important to check in on how your campaigns are performing and where adjustments need to made, ensuring flexibility to shift when necessary in order to reestablish funds in areas giving you the most ROI. This can vary from person to person and business to business. For instance, you may want to invest a portion of your budget in tracking a QR code, a Facebook advertising campaign or Google analytics.
5. Follow a hub and spoke model
Your marketing budget should follow a hub and spoke model with one central point to send direct marketing efforts for conversion. This can be an agent website, Instagram page or another channel. Ensure your budget is aimed at strengthening this model throughout the year.
To conclude, when developing a strategic and effective marketing budget for 2022, it’s important to consider several elements. These include creating markers for measurement, basing your budget on goals, having a hub and spoke model, and planning early and often.
Taking these various factors into account will ensure a successful marketing strategy in the new year.
Rainy Hake Austin is the president of The Agency in Los Angeles, California