Budgeting for Business Growth

If you are a business owner, communications and marketing professional, media practitioner or aspiring marketing professional, this blog post is significant to you and your company.

Whether big or small, B2B or B2C should have a social media strategy. A Social Media Strategy considers your company’s social media footprint creating an even bigger market and reach for you. Strategically supporting your social media strategy should be a social media budget.

Social Media Budgeting refers to the amount of money you allocate to boost and improve your social media presence. This practice ensures and supports your business goals, whether it focuses on sales lead, brand awareness or product marketing

Most businesses may have had to utilise and establish online strategy due to the COVID-19 Pandemic. Now more than ever, it is essential to take a deep dive into your company’s goals and expectations and the increasing risks and changes to your company’s audience and market.

Take a few minutes to analyse the status of your business in your current climate.

Note questions such as: what we are expecting to achieve, how do we acclimatise our business to the digital era, what tools can we optimise within our strategy to maximise leverage in our industry and that of digital media platforms to current and potential clients.

After taking stock of your business needs, the most strategic next step aligns with your goals tactical approach. When pitching a budget, be sure to prioritise tactics properly. With doing so, your organisation will be on the right track when choosing the tools to help achieve your goals and objectives.

Remember to highlight the impeccable value of the chosen tools. How will they boost your organisation, whether – marketing or sales objectives and goals?

Supporting tactics can take the identities of software, contractors, or even third-party tools.

It is important to consider industry development and new trends. For the current climate, with a significant increase in digital marketing, critical third-party tactics for your organisation should be media monitoring or even advertising audits.

Both services give organisations distinctive advantages of understanding their industry, competitors strategies as well as customer behaviours. It may be difficult to get budget funding for an ‘experimental fund’ however some third-party vendors offer free trials to potential customers. This yet another way to gain the support for your budget proposal.

Media InSite offers tools that enable sophisticated options vital to business productivity and survival in the age of digital media as well as in traditional media. Learn how we can help you fully present the unique advantages for your very next budget proposal.

Budgeting plays a crucial role in sustaining your business and its digital marketing. As a marketing professional ensure that your organisation is exploring all the measures and tools needed to present a concrete budget proposal to build its current status in the market.