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Optimising Your Marketing Budget for Best Results

Optimising your marketing spend is crucial for achieving the best possible outcomes. Every pound invested should bring measurable returns, whether in brand awareness, lead generation, or sales growth. However, many businesses struggle to allocate their resources effectively. This guide will walk you through practical steps to allocate your marketing budget wisely and maximise your impact.


Why It’s Important to Allocate Marketing Budget Wisely


Allocating your marketing budget correctly ensures that your resources are used efficiently. Without a clear plan, you risk overspending on ineffective channels or missing out on high-potential opportunities. A well-structured budget helps you:


  • Focus on high-impact activities that drive results.

  • Avoid wasteful spending on underperforming campaigns.

  • Adapt quickly to market changes and new trends.

  • Measure success and optimise future investments.


For example, if your target audience spends most of their time on social media, allocating more funds to social media advertising rather than print ads will likely yield better returns.


Eye-level view of a desk with a laptop and marketing charts
Marketing budget planning on a laptop

Steps to Allocate Marketing Budget Effectively


To allocate your marketing budget effectively, follow these key steps:


1. Define Clear Marketing Goals


Start by setting specific, measurable goals. Are you aiming to increase brand awareness, generate leads, or boost sales? Clear goals help you decide where to invest your budget.


2. Analyse Past Performance


Review previous campaigns to identify what worked and what didn’t. Use data analytics tools to track metrics like conversion rates, cost per lead, and return on investment (ROI).


3. Understand Your Audience


Know where your audience spends their time and what content they engage with. This insight guides you in choosing the right channels and messaging.


4. Prioritise Channels Based on ROI


Focus on channels that have proven to deliver the best ROI. For instance, if email marketing has consistently generated leads at a low cost, allocate more budget there.


5. Set Aside a Contingency Fund


Reserve a portion of your budget for testing new strategies or responding to unexpected opportunities.


6. Monitor and Adjust Regularly


Marketing is dynamic. Regularly review your budget allocation and campaign performance to make necessary adjustments.


Close-up of a hand writing on a marketing budget plan
Planning marketing budget allocation on paper

How should a marketing budget be allocated?


Allocating your marketing budget depends on your business size, industry, and goals. However, a common approach is to divide your budget across several key areas:


Digital Marketing (40-50%)


  • Search Engine Marketing (SEM): Paid ads on Google and Bing.

  • Social Media Advertising: Platforms like Facebook, Instagram, LinkedIn.

  • Content Marketing: Blogs, videos, infographics.

  • Email Marketing: Newsletters and automated campaigns.


Traditional Marketing (20-30%)


  • Print Advertising: Magazines, newspapers.

  • Events and Sponsorships: Trade shows, local events.

  • Direct Mail: Flyers, postcards.


Branding and Creative (10-15%)


  • Design and Creative Services: Logo, website design, video production.

  • Market Research: Customer surveys, focus groups.


Contingency and Testing (5-10%)


  • New Channels: Emerging platforms or technologies.

  • Pilot Campaigns: Small-scale tests before full rollouts.


For example, a small business might allocate 50% to digital marketing, 25% to traditional marketing, 15% to branding, and 10% to testing new ideas.


High angle view of a marketing team discussing budget allocation
Team meeting to allocate marketing budget

Tools and Techniques to Maximise Your Marketing Spend


Using the right tools can help you get the most from your budget:


  • Analytics Platforms: Google Analytics, HubSpot, or similar tools to track campaign performance.

  • Marketing Automation: Tools like Mailchimp or Marketo to streamline email campaigns.

  • A/B Testing: Test different versions of ads or landing pages to find the most effective.

  • Customer Relationship Management (CRM): Manage leads and customer data efficiently.


Additionally, consider adopting a data-driven approach. Use insights from your analytics to reallocate funds from underperforming campaigns to those delivering better results.


Tips for Small Businesses on a Tight Budget


If your budget is limited, focus on high-impact, low-cost strategies:


  • Leverage Social Media Organically: Engage with your audience through regular posts and community interaction.

  • Content Marketing: Create valuable blog posts or videos that attract and educate your audience.

  • Email Marketing: Build and nurture your email list with personalised content.

  • Collaborate: Partner with other local businesses for joint promotions or events.


Remember, even with a small budget, strategic allocation can lead to significant growth.


Final Thoughts on Allocating Your Marketing Budget


Optimising your marketing budget is an ongoing process. It requires clear goals, data analysis, and flexibility. By following the steps outlined above, you can ensure your marketing investments deliver the best possible results. Keep testing, learning, and adapting to stay ahead in a competitive market.

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Video creation: it’s not all the same…

  • Novus
  • Feb 11, 2020
  • 3 min read

ree

There’s no doubt that video has become the number one way for businesses to promote themselves today. Whether an advert on the telly (by the bigger companies, perhaps), or promotional clips that streaming services and companies such as YouTube force us to watch before we get to what we’re actually trying to access, the popularity of visual content continues to spiral.


Then consider all the ‘live’ videos that business owners upload via, for example, Facebook, Tik Tok and Instagram.


In 2020, there’s likely to be few businesses left who still don’t understand the value of video marketing. That’s for them to worry about, as they’ll eventually be left behind.


But not all video content is created equally.


Which is fine. In a video marketing strategy, we’d suggest creating different kinds of visual content. For instance, live/streamed video is effective during events, or when you’re looking to inject a little bit of your personality into your business by showing some of your day-to-day - or for inconsequential occurrences, such as announcing the winner of a giveaway (there’s no point employing professional video for that, unless you’re giving away a million pounds and a Ferrari).


When you’re looking to professionally present your business to potential clients, however, live video recorded from a smartphone just won’t cut it. It’s the equivalent of scribbling down your name and address with a crayon and giving it to a new contact as your business card: it may look fun, it may carry the appropriate information, but it’s something a five-year-old could do.


When presenting your business, you want to give the impression you’re capable, learned and experienced (and not someone who would use a crayon to write their credentials on a scrap of paper). Promotional businesses need the full works: professional equipment, a quiet setting, and a talented video editor. The effect will be that your business will look slick, glossy and proficient. A company any client would put their trust in. A solvent outfit, which won’t go bust overnight. A company that cares about how they come across (and who will therefore be more likely to care about their clients).


Video explains in seconds what the written word would need pages to do. It’s the perfect medium for demonstrations. It meets the attention spans of today’s consumers…moving pictures draw the eye on any screen.


Novus Marketing Solutions are experts in the field of video marketing. With our green screen studio, we can literally put people and products anywhere in the world. With our state-of-the-art cameras and lighting and our in-house make-up artist, we can turn any business owner into a TV star. And, as experienced content creators and storytellers, we can ensure your message hits the spot and – more importantly - has your customers reacting.


No one nails a recording on a first attempt (unless you really are a TV star!), and that’s when our expert editors come into their own. They’ll obliterate any mistake; they’ll know when to enhance something and how to enhance it, and they’ll keep the running time of the video to whatever’s been agreed.


Image is everything in business. Which would you rather present to potential clients: a business that doesn’t care about its customers, a company that looks like it’s been thrown together, a shop/office that’s seen better days…or a business that considers and attends to its clients’ every need, a company that’s capable and successful, and polished premises that customers will find enticing?


Phew. That’s a tough one.


Call Novus Marketing Solutions on 07983 575934 or complete the contact form on our website and we’ll get back to you as soon as we possibly can.


Video killed the radio star. Don’t let it kill off your potential leads, too. Go pro.

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