How does CIPR Communications create its budget?
The best way to help our clients get to grips with how to draw up a marketing budget, is to use our own as an example. Aside from being a digital marketing agency that helps other companies to sell their products and services, we’re a business too, and we also have to promote ourselves and make ourselves stand out in a competitive field. That means we also have to set aside a certain amount of our resources in order to market ourselves.
As a marketing agency, there’s an onus on us to practice what we preach. When convincing a client to spend money on certain marketing tactics, it helps for us to be able to say that we ourselves invest in the same tactics. We divide our budget between inbound and outbound marketing tactics. At the moment, much of our outbound work is done through our call center, while our inbound strategy revolves around our content marketing, including this podcast. Our current marketing budget is divided between these strategies. Of the many tactics that are available to us, we’ve settled on these two to drive our branding and promotions for now. Having a budget in mind enables us to prioritize our goals and select certain tactics we believe will take us there. Success requires a flexible approach, so in the future, we will change this mix of tactics as necessary.
When a client is able to tell us exactly how much money they have to spend on marketing, it makes it much easier for us to devise a marketing strategy, so we would advise establishing your budget right at the outset of your digital marketing efforts.