Develop your Marketing budget for the season using these five steps
Business Buzz
November 26, 2024

Develop your Marketing budget for the season using these five steps

So, you have decided to roll out a Christmas promotion this year… have you thoroughly planned out your spending? Your Christmas promotion or campaign needs funding! Creating a marketing budget for the season helps to ensure you allocate your financial resources to the most impactful strategies. Your spend will include expenses such as graphic work and ad buys (radio, social media, Google to name a few). Creating this budget involves careful planning and prioritizing to ensure you make the most out of your efforts. Here’s how you can do so in 5 steps:

1. Set clear objectives

– What do you want to achieve this season? – Increase sales, build brand awareness, launch a new product or promote a specific product? Once you establish clear objectives, you will be able to better determine where to allocate your funds.

– Who are you targeting? – Understand who you are targeting and tailor your budget to where that audience is most active.
– Establish measurable metrics such as ROI, conversion rates, sales targets, website traffic among other things.

2. Evaluate past performance

– Review previous Christmas campaigns – Review to understand what worked and what didn’t work e.g., if you spent on paid ads last year, assess your ROI and see if it’s worth doing that this year as well. Which channels, tactics and campaigns brought the most ROI? (ROI is not only money but it can also be, e.g., the most engagement).
Identify trends in spending and revenue to set a realistic baseline.

3. Identify key Marketing Channels

– Choose effective Marketing Channels – Based on your goals, divide your budget between channels that best reach your audience. Channels could include:
Paid Media – Budget for social media ads (Facebook, Instagram)- not just posting on the pages; Consider Google ads and influencer Marketing if these channels perform well for your business. If you are working with an influencer or influencers, allocate funds for giveaways, partnerships and sponsored content. Factor in the high competition that will be present online.

Organic media: Spend on content creation, email marketing if applicable, as well as SEO. Remember with email, you should budget for email campaign tools and creative development; as it relates to content creation, account for the cost of producing Christmas/holiday themed content such as videos, photos, blog posts especially if you are running special promotions.

Traditional media: Contrary to what some may think, radio, tv and newspaper are not dead. What are the costs to air ads on radio. Which radio stations? Should you do an interview as well as adverts?

Should you place ads in the newspaper as well as advertise on the newspaper social media pages, or will it suffice to only advertise on their social media platforms?

In-Store Marketing or social media contests – decorations, discounts, events
Events/promotions – If you plan to do in-store events or run promotions, allocate funds for that as well.

4. Have a contingency fund

You should have some wiggle room with your funding this season. Be sure to leave room for unexpected expenses e.g.
– Increased staffing costs- If you plan to hire additional staff to handle marketing efforts or customer service, allocate funds accordingly.
– Packaging- If you are offering free shipping or free gift wrapping, include these costs in your budget.
– Many shoppers are drawn to specials such as ‘Buy one, get one free’. Factor in the cost of offering such promotions.

5. Monitor and adjust your budget-
As you implement your Marketing strategy, monitor how much you’re spending across channels to ensure you stay on track.

– Flexibility – Christmas campaigns can change in response to market trends because what works at the beginning of December may not work later in the month. Allow flexibility to shift your budget toward high-performing activities, or react to unexpected events like sales spikes. Be prepared to shift funds between tactics, e.g., reallocating some funds from paid ads to influencer marketing if it is performing better.
– Track expenses – Regularly monitor your spending across different marketing channels.
Tools such as Google Analytics and social media insights can assist with this.

Candice Sealey is the Founder & Principal Consultant at Ignite! a Full-service Marketing &PR Consultancy that helps businesses/brands to stand out and communicate the right message to the right people at the right time through Strategy, Marketing, Media services and Design solutions.
She is also a freelance content writer, advertising copywriter, voice-over talent, media personality. Follow us on FB & IG @igniteresults Phone:784-432-2223. Email:
igniteresults@gmail.com