The final point to discuss on the subject of marketing budgets reminds us a little of what happened when we first became parents: there were loads of hidden costs that nobody told us ab out! There are certain marketing costs that people tend to miss and leave out of their budgets – until they’re suddenly hit by them a couple of months down the line. We want to point these common hidden costs out to you, so they are no longer hidden, and you can factor them into your budgets.
Marketing budgets in a changing world
The way we do PR in 2021 is not going to be the same as it was before March 2020. Certain tools and methods that we would have used without additional costs earlier, will now incur additional expenses. For instance, if you write PR content in 2021, you will likely have to pay someone if you want to see it published – perhaps an influencer or paid advertorial. On the social media side, it is doubtful that you will be able to have a successful marketing campaign without some form of paid advertising or sponsorship spending on top of your usual posting schedules. Even with a website, you will always need a maintenance budget or provision for new tools or upgrades, backups, plugins, the list goes on.
However, the most significant expense that hardly anyone thinks of when they set their budgets, is the time that their staff will have to spend on the various aspects of their marketing strategy, from training or upskilling on the various tools to reviewing and discussing marketing tactics. Even if you hire an agency, your team members will still have to spend some time on marketing. We always try to be upfront with our clients about these costs and remind them to accommodate them in their budgets from the very start.
Don’t let any hidden costs surprise you. Ask about any potential latent or delayed costs when first starting the discussion around your strategy with your digital marketing agency. That way, you can draw up a complete marketing budget and have a handle on your expenses before they arise.