Allocating your Marketing Budget on a Shoestring for 2023

Allocate your budget in a smart way to achieve your business goals
Allocating your budget definition

Allocating your Marketing Budget on a Shoestring for 2023

In the previous blog, we talked about how to create a strategy that will be unique to your business and its goals for your 2023 planning. Now in part 2, you need to learn that intelligently allocating your marketing budget is essential to make the most out of it.

To do so, you must understand all the elements involved and select the channels that align best with your business and needs.

Identify your ideal Customer Profile and apply the Marketing Mix

Your ideal customer is not everybody. Customer profiling is an excellent way to determine and segment your customer. Customer profiling describes a customer that includes demographic, geographic, and psychographic characteristics, buying patterns, creditworthiness, and purchase history. This will determine to who you should be directing your message. Once you have done that, use the marketing mix to set up price, and placement, place, which is not just a brick-and-mortar location but could be a digital presence such as your website, and promotion. 

Create your Online Marketing Strategy via Website & Mobile

We live in a digital world, and more people than ever go online searching for anything. Therefore, having a website ready is one of the essential things you need. It is a way to control your branding and offer your customers business information, such as your operating hours and location. Also, it is your visual storefront and a way to showcase your products and services. Make sure your website is mobile-compatible, given that people usually look for things with their phones. WordPress is an excellent tool that allows you to create a free website or build a blog easily. They have dozens of free, customizable, mobile-ready designs and themes and have free hosting and support.

Ask your customers to leave online reviews

Online reviews are crucial for small businesses. 97% of users searched online to find a local business in 2022, and 93% of consumers read online reviews before making a purchase. Statistics like these explain why online reviews have become an invaluable asset for small businesses. You can ask your customers to leave you a review through Google My Business. and Yelp. Google My Business is a free tool that lets you manage how your business appears on Google Search and Maps. Yelp connects you to your customers by sharing information about your business. Both tools include adding your business name, location, and hours. They have huge visibility, therefore having an account will help you to build credibility, improve your search engine ranking, and connect to your customers. Replying to the reviews and sharing photos and social posts generates engagement, and don’t forget to integrate the reviews into your website.

Select the channels for your content strategy

The next step is identifying all the channels you could use to communicate and engage with your customers. We understand that so many options are available, so you must decide what is most valuable to your business and your customers depending on time and budget.

The first channel you could use is blog creation.

But why blog? Having blogs online establishes your brand’s credibility, drives organic traffic to your website and increases ranking. But we understand that blog writing can be time-consuming, so there are many content writing sites that you could consider using that can write them for you. Some of those sites are Contentwriters.com, CrowdContent.com, and Compose.ly, they do charge a small fee, and pricing varies on the site. Having blogs is a way to provide useful content to your visitors while differentiating from your competition and helping to attract potential customers.

Another element you should consider allocating your budget to is SEO (Search Engine Optimization).

SEO is the art and science of getting your website found in the free or organic space of Google, Yahoo, and Bing. The objective is to increase sales, generate leads, and improve brand awareness by improving your website traffic without paying expensive Google ads. Some of the things SEO evaluates are the website technicalities such as meta description and sitemap. SEO also evaluates the performance, how fast your page loads, your website security, the site’s responsiveness, and its structure. Some tools review your website’s SEO and provide improvements and recommendations. Some of them are Moz, SEMrush, and Pathfinder SEO. SEO is important as it maximizes the chances of being discovered by new customers and is a great way to promote your business. 

Of course, something we couldn’t miss talking about is social media.

When was the last time you wanted to try a new business, from a restaurant to a chiropractor, and went to their Facebook or Instagram page to check their ratings? 75% of people use social media to find information about brands and products. Having a social media presence is crucial to be top-of-mind for your customers. close up hand analyzing instagram application graph

You could select various platforms and posting methods on social media, such as organically and paid. For example, Facebook helps humanize your brand, allowing you to research your audience and build a community. You could also create a Facebook Shop where people can buy products directly from you on the platform. Instagram is the #1 social media app for engagement with retail, design, and restaurant brands. TikTok is geared toward a younger audience in a more creative and fun way, given all its content is video. YouTube works great when focusing on Health & Fitness, Tools, Interior Designs, and educational content. Consider using the social networks that best adapt to your target audience and apply them to your brand.

Consider using video for your creative.

Video creates interaction and engagement as it is the preferred media among several social platforms. Marketers use video 59% of the time compared to other media formats. Online video accounts for 80% of web traffic. We know that sometimes it is hard to think about what to record and what topics to cover, so here are some ideas. Record client testimonials, interview your staff, tell your story, make announcements, showcase live events, give out recipes, and create how-tos. Here are more recommendations on how to create videos and their power. 

And, lastly invest in email marketing.

It is low cost and has a high ROI, it is an effective way to give out updates and news to your customers, and the lines of communication remain open. Learn everything about email marketing for your business.

Learn more about the importance of content marketing here, find examples of how to apply it, and much more. 

Quick Review! 

Allocating your budget for a successful Strategic Marketing Plan for 2023 should include:

  • Identify your ideal Customer Profile and apply the Marketing Mix
  • Create your Online Marketing Strategy via Website & Mobile
  • Ask your customers to leave online reviews
  • Select the channels for your content strategy
    • Blog, Social Media Management, Social Media Ads, SEO, and Email Marketing.
If you would like to work with us on your marketing strategy for 2023, contact us now! We’d happily walk you through this process step-by-step and help you execute plans in 2023! You’ll love working with us

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