The above list isn’t exhaustive, as there are new marketing channels and tactics emerging daily. Two businesses with similar target markets but non-competing productsĮnhancing brand reputation by association Number of followers gained/data captured/salesĬontacting past customers for repeat purchases if you have their permissionĮncouraging enthusiastic customers to share their experiences Putting your product/service in front of a new audience by exhibiting or speaking at events Medium value brand awareness and sales – products that can come across well in an audio ad Unique offer/promo code/trackable telephone number or link Specific target markets if you know that yours match the publications Straight away you can probably pick out the ones that appeal most or eliminate some due to practicality or cost: Channelsĭriving more traffic to your website (longer term)Ī main channel of communication with customers/prospects and to drive salesĮmail service provider analytics and Google Analytics Review this list of channels and choose a few that seem to suit your business best (this will depend on your products/services, customers, resources, skills, and budget). Your most effective marketing channels will depend on the type of business you own and the audience you’re targeting. But don’t worry – there are some incredible tools out there, whether standalone or part of a platform you’re using that can help you assess your return on investment. As you can see, the marketing net is very much wide-cast, making it even more important for your spending to be clarified within a marketing budget.Īs you’ll see, there’s a lot to take into consideration when creating a budget and tracking the results of your investments. Expenses can range from paid advertising to print ads, public relations, and events to new marketing staff, as well as website development and efficiency tools. Equally, you need marketing to scale, so if you don’t spend it on the right things, you’ll risk wastage and missed opportunities.Ī marketing budget outlines all the money a business intends to spend on marketing-related projects over a period of time, such as a quarter or year. If you don’t plan and manage your budget tightly, your business may run out of money. A marketing budget will help you plan your income and expenditure, keeping costs low and lean will help ensure you have enough money for the things you need. Successful marketing isn’t just about strategic thinking and effective campaigns – it’s about adhering to a strict budget and choosing the most cost-effective option for your small business.
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