It is important to think about how the world of marketing is changing when planning your 2023 marketing budget. It’s not only about the tools and technology your business uses, it’s about your ability to pivot quickly and effectively. If you want to be ready when unexpected events come along—and they will—you need to look at your budget in a new way.
How can you create a pre-planning strategy and set a marketing budget for 2023?
1. Clearly Identify Company Goals
Does your business have internal corporate goals for revenue growth, new products, and talent? If so, this is the ideal place to start. These goals draw a correlation between marketing and the factors that influence the performance of the company’s operation.
While supporting revenue is where marketing is most intimately related to the business, it can also help in other areas. Marketing can support a company’s goal to improve customer experience by streamlining the company website or boosting user onboarding. Utilizing AI tools allow both Marketing and Operations to work together through broader reach and engagement with customers.
2. What’s Working and What’s Not
It’s important to look back on the year-to-date performance to determine which marketing initiatives have yielded the best results.
- Are these brand-new initiatives or time-tested strategies?
- Any little improvements with current techniques, or has growth stopped?
- How much did you initially invest in a new approach, and how much more will you invest going forward?
Consider devoting a percentage of the budget for 2023 to testing new channels, technologies, and content genres. Be ready to adjust your strategy monthly or quarterly to ensure your budget is working efficiently.
3. Check the Industry Conditions
Consider how the strategic goals may be impacted by shifting industry conditions. Has your standing among rivals changed? While a new or expanding competitor could make you defend your market share, a competitor who is losing market share presents an opportunity to gain more customers. In both situations, increasing brand awareness is essential. Since lead generation is a top priority for marketers, and marketing success is becoming more and more correlated with revenue targets, this may appear dangerous. But if you want to dominate the market, the best course of action is to utilize marketing avenues to showcase your brand, product, or service.
4. Watch Marketing Trends
General marketing trends are another external topic to research during the budget pre-planning stage. It’s important to take into account what has worked for others in your field and outside of it because not every trend fits every industry or business.
In light of these considerations, we are now ready to look forward to these areas:
- Get the latest tools, training, and content
When you’re planning your marketing budget, make sure you get the most out of it by keeping up-to-date on the latest tools and training.
The best way to do this is by using a tool like Sprout Social’s Content Planner or Content Calendar which can help you stay organized while also providing insights into how much content is being consumed on each platform. You can use these tools to create an action plan for what types of posts are going viral across social media channels so that they can be duplicated in future campaigns.
Another great way of staying on top of trends is checking out our blog posts and insights where we cover topics such as why influencer marketing works better than traditional advertising methods when it comes down to creating brand awareness among millennials today (and beyond).
Are you ready to see what’s in store for you in 2023? Let’s keep our fingers crossed for the positive outcomes of our pre-planned strategies that would help our business grow. Check out www.pixelfish.com for more updates.