2010 Marketing Budget

HOW SHOULD I SPEND MY MARKETING BUDGET IN 2010?

Many people are understandably nervous about spending their hard earned money in the current economic situation. Companies continue to downsize their marketing budgets, which increases that anxiety. Confusion on how to best tackle a marketing strategy is common, with many wondering if they should have a marketing budget at all. This confusion, in addition to frequent newer and better technology and internet advertising options, has peoples’ heads spinning. Employees are fearful that they may lose their job if they make one wrong move. Owners and employees commit to taking the"safe" way, knowing the results will be sub-par.

"You have to be in it to win it". Although this quote is cliché, it is also true. Prospects and customers no longer approach many companies. Consumer behavior and technology are constantly evolving. As a result, it is more important than ever to be on top of your marketing strategy. In difficult economic times, it is even more important for your brand and company to be noticed.

As 2010 begins, it is important to be positive. Too many companies have cut back or eliminated their marketing budget. A successful marketing and direct mail program does not need to cost an excessive amount of money. Thomas Glenn, Vice President of Business Development of the New York based East Coast Graphics (www.EcoastGraphics.com), states,"the key to success in today’s market is to be as efficient in your marketing efforts as possible." Using one form of media to reach potential clients does not work. Being unique, clever, and integrating multiple forms of communication is key to conveying your message effectively.

Where do I spend in 2010?

This is probably the most common question asked this year. There are many options from which to choose including: direct mail, internet marketing, social media, pay per click advertising, television, radio marketing, etc. However, none of the aforementioned forms of communication will generate successful returns individually. An integrated approach using multiple media sources will generate the highest return. Each company is unique. Therefore, every organization requires an individualized integrated approach to their marketing strategy. There are many articles and blogs claiming a particular marketing strategy or combination is most effective. In reality, a company needs to try different combinations to determine which integrated strategy works best to meet their needs. Unless you actually test a marketing strategy, you will not know whether a particular approach will be successful or not.