Media and Marketing Budget (2/10)
Marketing is like golf – a really good scorer will master both the long- and the short-game. In our venue, this about the short game as winning individual customers and the broader approach about influencing the masses.
Using this ‘complete’ game will be beneficial and is crucial for small businesses and nonprofits to grow and get noticed. Putting a portion of your budget, year over year, into outreach can really pay off. Here are some affordable, high-impact one-to-one ways to boost your efforts:
- Social Media Marketing: (more details coming soon) Use Facebook, Instagram, and LinkedIn to interact with your local community, share promotions, and build brand awareness.
- Sponsoring Local Events: Team up with local events or community groups to show your support and get your name out there among event-goers.
- Email Marketing: Send personalized emails to local customers and supporters with special offers or updates to keep them engaged and coming back.
- Local SEO Optimization: Make sure your website is optimized for local searches so potential customers can easily find you online.
Traditional advertising methods (less targeted, more broad) like outdoor ads, radio spots (including channels like Spotify and Pandora), and TV commercials are still important. Outdoor ads catch the eye in busy areas, radio ads still reach listeners, and TV commercials increase brand visibility. Short TV spots (5-15 seconds) that run online and in search results can also extend your reach to digital audiences. Using these traditional methods alongside digital marketing can boost brand recognition, build credibility, and reach a wide range of consumers often missed by digital-only approaches.
By investing in both strategies, small businesses and nonprofits can connect with their community, attract more traffic, increase brand recognition, and ultimately boost sales and donations, integrating both their short and long game well.
Yes, SEM absolutely deserves its own spotlight! It’s not some overlooked, red-headed stepchild of Search Engine Optimization (SEO). I can say that—I used to be a redhead. Search Engine Marketing (SEM) is a powerful tool for driving targeted leads and sales through your website. Done right, it delivers quick results, precise targeting, increased visibility, and an impressive ROI (return on investment). So, what exactly is SEM? It’s all about boosting a website’s visibility on search engine results pages through paid advertising. Think of it as giving your business a front-row seat in the dynamic marketplace of search engines. SEM generally encompasses two key strategies: Pay-Per-Click (PPC) Advertising : Here you bid on keywords relevant to your products or services. When users search for those terms on platforms like Google or Bing, your ads can appear right at the top of the results, catching reader’s attention even before organic listings. You only pay when someone clicks on your ad—hence, “pay-per-click.” Display Advertising : While PPC focuses on text, display advertising takes a more visual route. This involves placing eye-catching banners or interactive ads on websites within networks like Google Display. By targeting specific demographics, interests, or even particular websites, you can get your ad message in front of the right audience at the right time. At 1Vision, SEM is as much art as science. We start with in-depth keyword research to uncover high-value search terms tailored to your business. Then, we craft custom campaigns that target demographics, interests, and locations. Our Digital Media Specialist closely watches performance metrics, tweaking bids and strategies to ensure your budget works as hard as possible. Whether your goal is brand awareness, website traffic, or lead generation, there are SEM techniques that can help. Over time, SEM can feel like a trusted and productive member of the marketing family.
Growing up, we didn’t really have a budget—we had a father. Requests for frivolous items or fleeting joys (no matter how much I begged for candy) were met with a sympathetic smile and a gentle pat on the head. Looking back, I realize dad was teaching me the value of deferred gratification and the art of managing resources wisely. Perhaps that’s also where I learned the importance of investing in what truly matters. In today’s world, content is king, and creating impactful content requires the same discipline my father had: focusing on what’s essential and resisting the temptation to let distractions drain time and money. To clarify, I define “content” as any media that communicates a message. This includes blogs (like this one), podcasts, social media posts, websites, videos, and ads. The best content reveals something genuine about its creator, leaving the audience feeling like they know them better after engaging with it. Great content is relevant, original, authentic, engaging, and actionable. It should inspire the audience to act while resonating with their needs and interests. Informative blog posts, entertaining videos, or engaging podcasts can be developed with creativity and expertise, capturing attention and driving action. Importantly, you don’t need an extravagant budget to create meaningful content. By using cost-effective distribution channels and repurposing content across multiple platforms, you can amplify your message and maximize your reach without overspending. It’s a great mentor/parent lesson: prioritize what matters most, focus your efforts, and invest wisely. Whether in managing a family’s finances or creating communications content, the principle remains the same.
Successful companies do. Successful companies typically allocate a growing percentage of their total revenue towards marketing and advertising expenses. Is that self-serving advice? YES, if you hire marketing professionals! Is it true? YES, as backed up by experience and research (below)! Of course, this percentage can vary based on the industry, business size, and specific marketing goals. By industry, here are some reported average expenditure percentages. 1 INDUSTRY MARKETING BUDGET (% OF COMPANY REVENUE) Banking/finance/insurance - 9.49% Communications/media - 14.27% Consumer packaged goods - 25.19% Consumer services -11.74% Education - 11.50% Healthcare - 6.80% Manufacturing - 3.75% Pharma/biotech - 12.83% Professional services - 7.08% Real estate - 10.61% Retail wholesale - 14.52% Service consulting - 21.00% Tech software/platform - 11.80% By devoting a significant portion of their operating budget to marketing and advertising, successful organizations can continuously drive brand awareness, maintain customer and donor loyalty, and drive growth. Are you? 1 Marketing Budget: How Much Should Your Team Spend in 2024? [By Industry ]; June 17, 2024; The CMO Survey , Statista, September 2023 release date, 316 respondents https://blog.hubspot.com/marketing/marketing-budget-percentage#marketing-budget-percentage ;
