Marketing planning & budget is critical to any business

Marketing planning & budget is critical to any business.

Whether you have a small startup lemonade-stand business, or a large enterprise corporation, developing a sound marketing strategy and budget are vital to the business. Why? First let’s define marketing and why that matters.

What is marketing?

Most people know generally what marketing is, but knowing what it means today (2021) is important because while the fundamentals have always been there over the years, the methods, vehicles, tools, and customers have changed dramatically. The simplest way I generally define marketing is: “Delivering a specific business, product or service to the marketplace—why, how, and to whom.” So it can be a golf ball, or a plan to inhabit mars, they each have a very specific target customer base, a “why” and a “how.” And just knowing the basics behind each of these helps build a sound plan. And that includes a plan for what you invest in that marketing plan.

Budget planning

A part of the marketing game plan includes a budget plan. This simply defines how much emphasis—both time and monetary—you think you might want to invest in marketing your product, service, or business. And this is important. You will definitely need to actively market. Send the word out, spread the news, and continually engage your ever-changing customers. If you don’t, literally, your business sits idle. Nobody comes to you, you need to invite them and regularly engage them. Treat them as your true friends. Nurture your customers. And this requires driving vehicles to do so, like websites, social media, email, mail, etc… as well as building a sound brand—quality graphic design. 

It’s important to develop a budget that coincides with what you will employ, how, and when— and at what level. Having a very basic plan goes hand-in-hand with how much “oomph” you put in to your marketing. Think about how hard it is to reach your audience let alone find them with all the competition and distraction. So investing a little will get you a little, and investing a lot will get you more. Why? More exposure. The more eyes and ears you have on it the better—however, a major caveat to that though is how well it’s being done/implemented! You can spend a fortune on a sloppy ad campaign, and if it doesn’t attract your customer, they don’t engage. And that can be a waste of time and money. So review the primary components of marketing below and determine the ideal pieces that may be right for you— and break up a rough cost on what you can afford initially, and in the future. Then really work hard at putting the marketing plan to work. 

So consider some of the primary parts of marketing a business, they all will have a certain affect on your business and each have a specific time and cost:

23 Primary components of marketing:

• Branding and design

• Advertising in print

• Website design and production

• Website edits

• News

• Blogs

• SEO

• Print material (brochures, mailers, handouts, business cards)

• Collateral branded material (letterhead, powerpoint)

• Email marketing

• Podcasting

• Radio ads

• Social media advertising

• Google advertising

• Discounts and coupons

• Social media posting (and to which ones)

• Special content: White papers, case studies, infographics, video, animations

• Video commercials (YouTube, etc…) about your business

• Events

• Person-to-person

• Referral programs (listing on others websites, etc…)

• Third-party affiliations

• Public relations, press releases, etc…

So based on these primary marketing components, it’s helpful to develop a rough idea on not only which ones are most important (although they all are), but how much cost you might assign to them. For example, basic website design and development (maybe $5K, and then another $2K over 6 months to update, implement SEO, add news posts, etc…), regular social media posting—figure hopefully at LEAST 1 per week (although 1 per day is the best minimum. I suggest 5-10 per day to be effective)— maybe $100-$200 per week to have someone develop them, graphically create them, and then engage (post them). Those alone would roughly be about $10K for the first 6 months, and then post launch, maybe $5K second half of the year— so about $20K annually for just those basics.

It may seem like a lot, but running a good business requires good marketing. And the idea behind marketing remember is growing, building, expanding, and increasing business—customer reach, sales, and everything around your business. The investment is meant to exponentially add income and exposure. So you can see how and why ‘what you invest’ in the marketing aspect is so critical.

Let’s break down the primary marketing factors:

What. You need to know specifically and accurately—precisely what it is you are developing, preparing, or presenting to the marketplace. What is it? What’s its name?  Think of it as a version of the elevator pitch or mission statement, which really ties together all 4 main points here. What, why, how, and whom. But the “what it is” portion needs to be very simple, very clear, and HOPEFULLY very compelling. By that, I mean that it was well thought out, solves a real problem, serves a goo and meaningful purpose, was market tested, or at the very least is something a niche audience wants and needs. Otherwise, you are not going to fare very well.

Why. What is the reason you are in business? Whatever and however you market yourself all hinges on that important factor. Why the why? Because knowing why you are doing what you are doing drives and fuels the entire mission. “I want to improve peoples lives by providing truly natural food products” will be marketed differently than “We want to sell good lumber that lasts longer.” Every mission or “why” has a certain flavor— a “DNA” embedded in that brand—thus mission.

How. What’s the game plan in HOW you will implement your mission/strategy? This ‘how’ will include things like on what medium (online, email, social apps, etc…), how often, and what kind of content or means will you employ. For example, developing an online platform making it easy for our customers to purchase and engage quickly, vs maybe printing different mailers across the country to reach different markets and teasing the concept to build interest—web later. So think about how you plan to implement your game plan.

To whom. This one is important. You need to know who you are marketing to. It helps develop the right messaging and exactly how you will present information to those specific set of eyes and ears. 8-10 year olds will respond differently than 60-80 year old women. Men interested in home improvement will respond differently than mothers with children on the autism spectrum, etc. By knowing “who” you are communicating with them specifically. What they say and read “speaks to them.” Makes them WANT to react and thus ultimately “convert,” becoming a long-term, nurtured customer that raves about you and helps spread the word.

Cost. Try and develop what you think might be a comfortable cost associated with marketing your business, product, or service. Think annually, semi-annually, or monthly. At the very least, develop an initial short term goal of coming up with a few good marketing drivers like pieces of content (case study, infographic, blog article), social media posts, and website updates. But don’t skimp or dabble! While you sit and contemplate, other businesses are getting really aggressive— they are investing a lot more to really grow and increase profitability. So think generally in terms of whether it’s $1000 per month, $5K per month, or $10K per month. Then have a conversation with a creative team that can work with you to develop a marketing plan especially built for you. Every business is different.

Simple review of the top 5 marketing questions: 

1. What is it that you are marketing?

2. Why are you?

3. How will you do it?

4. To whom precisely?

5. What’s a reasonable budget?
   

The bottom line

Developing a sound marketing strategy and budget are vital to the business. Consider the 23 primary components of marketing and what that might cost to implement. But first, a simple review of the top 5 marketing questions: What is it that you are marketing? Why are you? How will you do it? To whom precisely? and what’s a reasonable budget?

Work with a professional consultant that you can trust to guide you on the right path. Like a financial advisor, fitness coach, or outdoor adventure guide, they will help you develop a sound strategy that will get you the successful outcome you seek.

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About Todd: I am a lifetime creative professional dedicated to helping other businesses and individuals achieve their best—their Zen.

I’m Todd Mitchell. Lifetime artist, entrepreneur, and 30-year creative professional. I develop creative ideas and solutions that help inspire the best in people, products and businesses. My mission is helping others achieve their absolute best. Personally and professionally. 

Mitchell Creative Group is a micro-virtual creative agency outside of Boston, serving small businesses with professional creative services: Branding and identity, marketing and advertising, web and print, video and new media. Small businesses need high-level creative support— quickly, and at a fair, flexible price. And that’s what I provide.

https://www.mitchellcreativegroup.com

todd@mitchellcreativegroup.com

(508) 494-8182

Huddled Masses Website Development. How great people inspire great work.

Huddled Masses Website Development. How great people inspire great work.

Developing the Huddled Masses website was both fun and challenging. They had a few variations of older site desigs, and variety of brand segments that we needed to bring together into a modern and practical presentation that really represented their CEO Kristie and the team, as well as make it “fun” for their clients to engage as well. The “game pieces” theme fit into their basically helping their clients find and fit that “missing piece.”

Working with some of the best PR talents (Laura Goldberg @https://www.lbgpr.com, and Susanna Hinds) made the project high caliber, high energy, and top shelf professional.

The team at Huddled Masses are wonderful to work with, and as performance marketers, absolutely the terrific. Great people, that all inspire teamwork and great work.

Meet Huddled Masses

Performance marketing solutions that drive real ROI.

Digital advertising campaigns can sometimes feel precarious. One element or piece out of place and everything collapses.

Huddled Masses has a track record in helping clients find that critical piece of the digital advertising puzzle to pull it all together. Oftentimes it’s a piece that they didn’t even know was missing.

Kristie MacDonald, CEO—brings more than 15 years of entertainment marketing and research experience to her leadership role at Huddled Masses. 

Direct Digital Holdings Branding and Website Development—The Value of a Great Team

Direct Digital Holdings Branding and Website Development

Having any design project start off with a fun, exciting, and enjoyable kickoff call is always a great sign. Mark Walker their CEO, and their PR firm (Laura Goldberg @https://www.lbgpr.com) are incredible. An engaging and driven conversation led to what became a very cool project. They know what they like and want, yet allowed the creative process to unfold. Developing the site included branding. A logo and site that captured an energetic “forward moving, colorful, and exciting vibe that makes it engaging, interesting, and simple. Responsive mobility was a must here also.

Meet Direct Digital Holdings

Direct Digital Holdings brings state-of-the-art supply-side and demand-side advertising platforms together under one umbrella company.

They deliver significant ROI for middle market advertisers.

They give advertisers of all sizes unparalleled reach within general market and multicultural media properties.

CEO and founder, Mark Walker brings nearly 20 years of experience in private equity, building relationships, and revenue generating operations for Fortune 500 corporations as well as start-ups. 

https://directdigitalholdings.com

Creative pricing— what will it cost?

When it comes to pricing creative projects it helps to keep three primary things in mind: Value (worth), caliber (oomph level!), and investment (what can or should be spent). And while there is a wide range for each of these, the ideal cost is what’s most appropriate for that project. No matter what, think of it as a range—from basic and simple, to advanced and higher level. 

The “value”— is what it’s really worth. Think of gold vs. a sheet of paper. And when it comes to your project, is it valued high like gold or as a simple piece of paper. Is your project high profile, important, to get high exposure, and have a big impact on the audience? Or is it a simple, one-off, very basic project with little exposure?

The “caliber” is the “oomph level”—meaning how much oomph you want it to have. Putting more work into it affects the outcome. If you spend more time on designing it, using certain fonts, images, colors, etc… you will have more quality there. If you spend more time on the animation or website you will get more impact. 

The “investment” is what it sounds like—how much you “should” invest. I emphasize that because mistake number 1 is that people think its about what they WANT to spend. If you want to spend $50 on a logo, you will get a lousy $50 logo. Whereas if you SHOULD invest in a real solid brand— spending the time, working a high caliber, and investing value behind it, the outcome will be tremendously different. And it’s not to say you should always spend more— in fact the opposite. Some projects SHOULD be a low cost. Some projects warrant simple, low cost solutions.

So consider these three pieces when pricing your creative projects. It will help you figure out the ideal and appropriate amount to spend.

Here are a few worksheets to help visualize the cost curves on certain projects.

Branding and Identity—Some key questions.

Branding and Identity

Key questions to get started.

A brand, is an experience. It’s a meaningful, and passionately created existence. It can be a product, a service, or business. It can even be a person, a team, or a volunteer organization. And while some of the strongest brands are organically grown and naturally attractive, powerful and compelling some may take more work to craft. But in the end, the strongest brands in the world are effective and draw in a tremendous following. They get results and in some cases create a very powerful ever lasting “institution” with profound effects on the whole world. Think of a company like Nike that can turn $2 of fabric into a $35 t-shirt. THAT is what branding can do. Here are a few key takeaways to consider in developing your brand:

The name

If you have one—Name of your product, service, company, or business:

What does your name mean— where does it come from?

If you do NOT have one, what are some ideas you have? Name 5-10 ideas for a business name:

What business are you in?

List a series of “keywords” people might use to find you online (as many as you can):

The brand

If you have a logo— what does it represent?

If you do NOT have a logo, what symbols, icons, or graphics come to mind with your business?

Name three brands you are impressed with:

Do you have any websites you are impressed with?

When someone sees your brand (logo) what should it represent? What should it mean?

What bothers you most about your brand identity right now?

Do you own any copyrights, patents or trademarks currently?

Do you see your brand as a single company brand, or possibly a group of brands under one name (divisions)?

The mission

Your primary mission or purpose—your “elevator pitch”— a sentence that summarizes your business:

What values are important to you?

Why should people call you? What makes you the best?

What technologies or capital will you need to invest in to complete in the future?

What’s your top money-maker now?

What value do you bring to the marketplace?

The customer

Who is your typical, current customers— who will engage with you, and conduct business?

(Be specific here, age, location, business types, etc…)

Who SHOULD be your customers? (target customers)

What are your customers needs?

What different needs will they have in the future? 

Who is NOT your ideal customer? Who we steer away from:

What social media platform might your audience be on?

The reach

How you GET business customers— how do they find you currently?

How do you connect with or communicate with your customers?

Do you use, or engage with social media? Which ones?

What events might you consider going to or having a presence at?

Where do most people find out about your type of business?

Do you own or have access to a web domain name currently?

Do you own or have access to a web hosting account currently?

The competition

Who is your top competition? 

How are you different than your main competition?

The future

Where do you see your business in a year?

Where do your see your business in 5 years?

Where do you see your business in 10 years?

Get creative. todd@mitchellcreativegroup.com