Not all marketing or advertising budgets are set in stone. There may be times that your business may need to showcase a new product or service and you will need to utilize and unplanned marketing tactic such as hosting an event or advertising locally.
It is more important to determine whether sticking to your initial advertising/ marketing budget is helping you obtain your marketing goals and bringing your company a return on investment rather than to adhere to a rigid, fixed marketing budget. This is why it is important to include a plan for measuring funds that are spent on marketing. Consider what impact certain marketing tactics have had on your revenues during a business quarter compare it to another time period where your marketing activities differ. Consider the marketing activities that worked as well as those that did not work. You don’t have to necessarily cut out the tactics that did not work but, access the time frame or whether marketing dollars need to be spent marketing in other places.
Some marketing tactics are difficult to measure such as printed materials that include brochures and sales sheets. However, remember these are branding staples and are marketing tools that all businesses need to market their businesses.
Marketing plans should be reviewed and maintained on an annual basis. If you need to launch a new product or service take the time and re- visit your original marketing plan or develop a separate marketing campaign.
In the end the time that was spent creating and developing your marketing plan is time well spent. The time spent defines how you connect with your customers. That’s an investment definitely worth making!
Christine Fiorenza Debi Surmanek