3 Important Things To Consider When Allocating Your Marketing Budget For The New Financial Year

New financial year, new marketing budget…. What’s your plan? As you’re looking back at last financial year’s successes and (let’s face it) shortcomings, it’s important to look ahead to what the marketing industry as a whole has in store for you in the near future, and how to best utilise this. When it comes to allocating your marketing budget this financial new year, here are 3 important things we think you should consider.


Figure Out What’s Important To You

To start, your business should be viewing marketing and sales as an investment rather than expense. The end of a financial year is an ideal time for business owners to reflect on the decisions that have, and haven’t worked in favour of the growth of their business in the last 12 months. Much like when we receive our credit card bill after massacring an outlet shoe sale, at Collaborative Marketing we believe that a good way to start the process of reflection is by asking yourself where you’re spending your money, and what you’re actually achieving from it. The annual CMO Survey is a great resource to discover where other companies and businesses like your own are spending their hard earned dollars and what they’re getting back from it, and can help provide data for your 2019 organisation plan.


Remember: Content Is King

Content has become core to everything your business stands for, so you absolutely have to budget for it. If you haven’t already, reach out to us to see how we can help you create a content marketing plan - a new financial year is a great time to think about integrating new and exciting areas of content into your strategy. And if you have already created a strategy, take some time to revisit it, make sure it aligns with the direction you’re wanting to go in 2019, and determine that you have the resources you need. Content has become the fuel for so many of your marketing and sales departments’ biggest goals, and your budget should reflect that.

Keep It Personal

To be honest, there’s no good reason in this day and age for anyone to receive generic messages and completely irrelevant offers in his or her inbox (or anywhere, for that matter). They’re already bombarded with more content than they can handle, and you don’t want to just add to the noise. Technology doesn’t have to make you more impersonal. You can use it to (securely) collect relevant data, and turn those data points into insights that can guide your messaging. The more advanced these tools get, the higher your audience’s expectations for genuine, helpful, personalised content will be. With the endless amount of data you have available, allocating budget towards the technology that can analyze your data and make your audience members feel special is a no-brainer.

In the race to take advantage of the next big thing, many businesses may be trying to do too much at once. This only leaves them with lots of partially realised investment payoffs, a potentially jumbled message, and audiences that suffer from their lack of consistency. If this all sounds too familiar, there’s no need to worry - we’re here to help. Rather than diving headfirst into each trend as it emerges, reach out to us at shea@collaborativemarketing.com.au and allow us to help you figure out how to flourish this financial new year.