If you run a small business and need to invest in marketing, or you are a marketing executive, you should plan ahead how and where to spend your budget. In 2013 more companies are increasing their funds for marketing and advertising, but how do they estimate the profits, and how do they successfully retain profitable funds?
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An essential factor for a steady and growing business is the precise allocation of spending, so as a marketing executive you need to set your priorities and take into account local and global economy. The results of your investment should be your first priority as the successful marketing mostly relies on the return on investment (ROI). These are the five basic factors you need to consider before allocating your marketing expenditure.
1. Set your objectives and priorities. You are expected to present creative and effective options to your senior management and convince them they are low-cost and reasonable. Achieving your objectives is also expected of you, so you will need adequate and productive strategies. Modern technologies can be very helpful in assessing your exact place in market, as well your progress.
2. Take into account international news and economic forecasts. Understand which regions are good for investment, and on the other hand which can be too risky. Countries in unstable political climate or law and crime issues are not reliable, so find out where a possible expansion will be successful.
3. You need to consider national and international laws and regulations which can affect your marketing strategy. For example, the new EU directives from last year on e-privacy required users’ consent before websites could implement cookies or tracking, which slowed down their plans.
4. Industry analysts can be very useful with providing insights and predictions on consumer behavior. You should also consider financial reports on local and global markets, as far as they concern your field. Global economy is a large factor in the development and growing of companies’ budgets and financial markets always depend on several elements – governments, transactions, expectations and demand and supply.
5. Stop all your programs and plans that appear no longer functioning and ask yourself what works. You need to care about the results of your marketing strategies, and results always depend on good planning.
This marketing year you will need to present the management a positive ROI, so set clear objectives and take into consideration all factors that can impact your success.