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Don’t Underestimate the “B” Word in Your Marketing Plan

Another common, and fatal, mistake in the marketing plan process is underestimating the budget. Or, as I refer to it, the “B” word.

You can get every other part of the process right, but if you underestimate the budget, it is highly unlikely your marketing plan will produce results.

What typically happens is you’re forced to make tough decisions down the road and eliminate projects from your marketing plan.

I can’t count how many times I’ve met with a client and they have no idea how much they can allocate to marketing…or how much they’ve already spent.

Which makes it impossible for me to put together a realistic marketing plan – because it will look COMPLETELY different if you have $5,000 to spend or $25,000 to spend.

Here are 5 tips to help you avoid this rookie mistake:

  1. If determining your marketing budget on an annual basis is overwhelming, do it in smaller increments, such as quarterly or monthly, depending on cash flow or timing of your activities. This is helpful if your business is seasonal.
  2. Other clients base the budget on projects, such as a new website, big events or new marketing campaign.
  3. You also need to take into account external resources needed to implement your marketing program – agency, new hire, graphic designer, website developer.
  4. Research the costs of planned marketing tactics and get written estimates – don’t go with your gut!
  5. Review your marketing plan and budget monthly to make sure you’re on track.

Find out more about this rookie mistake in this episode of Marketing MOJO.

"My company has worked with Tracy on numerous occasions providing public relations services to clients of ours. I have always found her to be professional, an excellent writer and overall, just very good at what she does."

Robyn Bonaquist,
President, B-Squared Advertising

"Speaking from professional experience, anyone would be well served enlisting WordPlay in their communication strategy."

Ted Davis,
Senior Vice President of Sales & Marketing, Benchmark Hospitality

"I highly recommend Tracy Southers-Parker. She is a brilliant writer and has been a great help in improving our sales and customer calls. She is extremely responsive and I have been consistently getting great customer service from her and her team."

Anita Cutrer,
Partner, Hoppes and Cutrer LLC

"I would HIGHLY RECOMMEND Tracy Southers from WordPlay to help with your marketing. Tracy simply "gets it done!"

John Schock,
co-founder and event organizer, Showcase in the Square

"One of my favorite public relations people - we appreciate you so much Tracy Southers! If your company is in need of public relations, use Tracy! She's the best!"

Carita Weaver,
Co-Founder, i5 web works

"Tracy has always provided sound advice and guidance to us and our clients. Her work with us and our client is professional and on time. Her follow-up and focus ensured the work will be well written and give exactly the impression we want for our business."

Michael Burns,
Co-Founder, i5 web works

"I have worked with many public relations professionals throughout the US and Europe. Tracy is by far the best! She will help take your company to new levels."

Wes McDaniel,
CEO, Ideal Impact, Inc.

"Tracy helped Box Insurance launch a brand new service offering and walked alongside us to get the message out clearly and succinctly! To describe her as thorough does not do Tracy justice and her attention to detail is second to none!"

Casey Hege,
Vice President, Box Insurance Agency

"I've worked with Tracy for several years and have always found her copywriting to be top notch. She's professional in every aspect, easy to work with, and consistently meets deadlines with a polished product that is ready to print."

Mike Tesoriero,
Publisher and Editor, Southlake Style and N.E.T. Business Resource magazines

"Tracy is very good at her job and has helped the bank tremendously on a regular basis!"

Mark Jones,
President, First Financial Bank Southlake Region

"My company has worked with Tracy on numerous occasions providing public relations services to clients of ours. I have always found her to be professional, an excellent writer and overall, just very good at what she does."

Robyn Bonaquist,
President, B-Squared Advertising

"Speaking from professional experience, anyone would be well served enlisting WordPlay in their communication strategy."

Ted Davis,
Senior Vice President of Sales & Marketing, Benchmark Hospitality

"I highly recommend Tracy Southers-Parker. She is a brilliant writer and has been a great help in improving our sales and customer calls. She is extremely responsive and I have been consistently getting great customer service from her and her team."

Anita Cutrer,
Partner, Hoppes and Cutrer LLC

"I would HIGHLY RECOMMEND Tracy Southers from WordPlay to help with your marketing. Tracy simply "gets it done!"

John Schock,
co-founder and event organizer, Showcase in the Square

"One of my favorite public relations people - we appreciate you so much Tracy Southers! If your company is in need of public relations, use Tracy! She's the best!"

Carita Weaver,
Co-Founder, i5 web works

"Tracy has always provided sound advice and guidance to us and our clients. Her work with us and our client is professional and on time. Her follow-up and focus ensured the work will be well written and give exactly the impression we want for our business."

Michael Burns,
Co-Founder, i5 web works

"I have worked with many public relations professionals throughout the US and Europe. Tracy is by far the best! She will help take your company to new levels."

Wes McDaniel,
CEO, Ideal Impact, Inc.

"Tracy helped Box Insurance launch a brand new service offering and walked alongside us to get the message out clearly and succinctly! To describe her as thorough does not do Tracy justice and her attention to detail is second to none!"

Casey Hege,
Vice President, Box Insurance Agency

"I've worked with Tracy for several years and have always found her copywriting to be top notch. She's professional in every aspect, easy to work with, and consistently meets deadlines with a polished product that is ready to print."

Mike Tesoriero,
Publisher and Editor, Southlake Style and N.E.T. Business Resource magazines

"Tracy is very good at her job and has helped the bank tremendously on a regular basis!"

Mark Jones,
President, First Financial Bank Southlake Region