Earlier this year we discussed the importance of creating a marketing budget and how to implement it into your business. Now that we are into the second quarter of the year, it’s time to re-evaluate and make sure your budget is still working. Consider these questions:
- Are you over-spending?
It’s been 4 months. At this point, you should know whether or not your budget is working. Also, it’s not too late to make any adjustments.
If any bills have increased in price, then consider cutting back on spending elsewhere. Remember, you made a budget worth sticking to, so try not to let any setbacks get in the way.
- Are you under-spending?
Woah! It’s only been 4 months and you are spending less than what you budgeted. What should you do with the extra profits? This is when re-evaluating your budget comes in handy.
If you are under spending because you haven’t had time to dedicate to marketing, there are alternative opportunities to invest. Hiring a professional is a great way to make sure you invest your money how you would like. Or you can save in preparation for any future problems that could arise. Either way, choose what will work best for your business in the long run.
- Are you getting the results you want?
Most importantly, taking this time to re-evaluate your marketing budget should help keep you accountable to your goals. After answering the previous two questions, you should have a basic idea of why you are (or are not) meeting your goals. If the results of your spending aren’t there, you should reallocate funding now to get your plan on track.
There are 8 more months in the year, so there is plenty of time to adjust this year and keep measuring! This information will ultimately help you prepare for the next year.
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