Marketing Budgeting for Manufacturers: Do’s and Don’ts 

[dot_recommends] July 19, 2021 Manufacturing Business Strategy

Get the Most Out of This Year's Budget Cycle

Marketing Budgeting for Manufacturers - 70-80% online and 20-30% offline

In today’s market, it is important to know how to budget for industrial manufacturer marketing. Marketing budgeting for manufacturers occurs as an annual activity, full of negotiations, compromises, uncertainties, challenges, and also hope. Below are some tips to help you set your 2022 industrial manufacturing marketing budget.

Don’t Budget in Isolation!

What does this tip mean in the real world?

  • Avoid segregated budgeting. Instead, create an integrated marketing strategy that accounts for all budgetary items. Integrated marketing yields better results, and planning a budget that allocates spend strategically will boost your ROI, generate more leads, and ultimately lead to sales-driven growth. This approach allows you to
    • Track the allocation of resources
    • Adjust as needed with the big picture in mind
    • Better align marketing spend to the needs of your company
  • Interface online activities with offline activities. Use the remaining 20-30% of your budget for offline marketing such as events. Tie your event marketing into your online marketing through a targeted segment created from leads collected at the event. (Learn more about audience segmentation in our free library.) Then, send the segment personalized content that matches their interests and likely stage in the buying process.

Do maximize your company’s resources!

In this video post, I offer tips and trends for marketing budgeting as an industrial manufacturer. I will recap key points here:

  • Start with 70-80% of your marketing budget allocated to online activities.
  • Web-based marketing offers scale, transparency, and results.
  • In today’s world, more time is spent online than ever before.
  • Therefore, online engagement must be maximized through website services and automation platforms.

Do invest in channels that generate good ROI!

Are you measuring ROI on a channel basis? Do you know your average ROI across channels: email, search engine marketing, social media platforms? If not, start now so you have some data to inform next year’s spending. Strategic data acquisition and analysis will feed into your budget and make it stronger.

We’re all about results. We hope these tips help you budget for success. As your strategic marketing partner, we’re happy to have a conversation with you about your 2022 marketing budget. Contact us to start the conversation!

–parin

Managing Partner

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