How to Stay on Top of Your Marketing Spend

By Procurify

Marketing can be costly, but it doesn't have to be. Staying on top of it can save you valuable resources.

  • Plan Your Marketing Strategy

    Have a strategy and use it to guide all marketing decisions. Let your department know what the plan is. Allow people to access this plan as they work on your marketing so they have a guide for all marketing-related decision making.

  • Know Your Marketing Goals and Objectives

    Your goals and objectives will not only guide your marketing decisions, but they will also help you allocate marketing funds that help you reach your targets. Before you spend money on a marketing project, ask if it helps you reach your goals.

  • Have a Budget

    Having a budget sounds boring. But staying within your budget will stop you from overspending or pursuing marketing options that aren't reasonable for your company.

  • Target Your Audience

    Figure out where your audience goes for information and spend your marketing dollars there. If your audience reads cooking magazines, spend your marketing money on magazine ads. Don't waste valuable dollars on expensive television ads if your audience doesn't watch television.

  • Embrace Technology

    There are all sorts of apps to help businesses manage their budgets and keep on top of spending. Get one and use it. You'll be amazed at how much easier it is to control spending when your smart phone is reminding you. 

  • Reexamine Your Marketing Plan

    Don't use a marketing plan just because you used it the year before. Analyze what happened last year and adjust your plan accordingly. If you didn't reach your goals, should your marketing plan be changed? Don't be afraid to mix things up. Try new tactics to ensure your dollars are going to good use.

  • Remember the Power of Inexpensive

    Don't forget that there are some very inexpensive ways to market yourself and they can be powerful. Memorize your elevator pitch (a 10-second description that you can use to market your company to people you meet) and deliver it to whoever will listen! It's free and impactful.

  • Hire a Marketing Expert

    It may sound counterintuitive to save money by paying someone to handle your marketing decisions, but marketing experts are effective and efficient in their field. If marketing isn't your strong suit, hire someone to do it for you so you can spend more of your time doing what you do best.

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