Ready for some sobering statistics?
- 60% of customers are incredibly concerned about current, global economic uncertainty.
- 47% of customers are waiting for items to go on sale before they buy them.
- 47% of consumers have less confidence in the economy.
Reading those numbers can be jarring, especially if you run a business during these uncertain times. Business leaders want their company to stay afloat and keep their employees all while satisfying their customers. Usually, the first instinct is to cut the marketing budget in hopes of making the margins look better, however the best advice is to do exactly the opposite.
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2017 is fast-approaching. And while you’re probably knee-deep in how to finish 2016 strong, now is also the time to start planning for what’s to come. Today, as many as 85% of small and mid-size companies make the mistake of operating based only on a budget. Without a well-designed marketing plan, you fail to establish guidelines and proper direction, as well as run the risk of being unable to successfully identify key performance indicators (KPI’s). To ensure your business can hit the ground running January 1st, you need to be asking (and answering) three key questions:
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We don’t blush when it comes to talking about money. Figuring out the optimum marketing budget for your business is important — it shouldn’t be a delicate conversation, it should be right out in the open. Clear communication about a budget helps set expectations for you and your marketing team, and is central to building an effective, goal-oriented marketing plan.
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