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How do you adjust your marketing budget according to your growth stage?
As we’ve come to understand our own business’s growth stages, we’ve also learned to chart our growth on both a short- and long-term basis. We might be on an upward curve from one year to the next, but within that year, there could be some flatlines or even downward curves – periods in which revenue tends to drop before picking up in the following month. As well as planning our marketing budget for the long-term, we also know how to adjust it for these ongoing short-term fluctuations. It may not always be obvious how we should adjust our budget for periods of lower growth or reduced income. You might think that you should cut your marketing spending during those times, but in fact, those might be the stages where you should invest even more in brand awareness and lead building.
If you’re at a high-growth stage, you might want to consider tactics that generate top-line revenue at a higher rate. You may take a more iterative approach: for example, a period of high growth is probably not the time to build a new website, but you may want to make incremental adjustments to certain operational elements of your site so as to improve ease of use or make the sales process faster. On the other hand, if you’re in a planning stage, you would most likely turn your attention to brand building, PR and content marketing.
Growth is never a straight line, so your marketing strategies and marketing budget should never be constant and linear. The important thing is to know where you are and where you’re going next, and take appropriate action with regard to your marketing.