- Determine your objective
Before you start any projects, confirm your objectives. Call them your conditions of satisfaction. i.e. a documented list of every expectation that must be met in order for you to deem the project a success.
- Create and document your strategy
Once you have clearly outlined your conditions of satisfaction, it’s time to spell out the steps you need to take to achieve them. Having a clearly outlined plan in place will help erase miscommunication and keep the entire team on the same page. By sharing one document, employees know their role and what they’re expected to bring to the table. It may seem simple, but in the end, it will help save you time and money.
- Know Your Sales Funnel
Building an effective marketing budget requires a deep dive into your sales funnel, where you’ll track results throughout the revenue cycle, from prospect to customer. Harvesting this data from your marketing automation software or CRM makes this process relatively simple:
- How many site visits do you have per month?
- How many of the leads convert to sales qualified leads?
- What’s the cost of generating these Sales Qualified Leads? (e.g., website development, outsourced content creation, Pay-Per-Click, time spent by marketing and/or sales to nurture these leads, etc.)
- How many leads convert into opportunities?
4. KNOW YOUR OPERATIONAL COSTS
Next, you’ll need to understand your operational costs:
- How much would it cost in time and labor to deliver contacts? Does your internal staff have the bandwidth required for this work, or will you require additional headcount along with the related employee benefits costs?
- How much would it cost if you hired an agency of record?
- What are the potential costs of your inaction?
5. Develop the marketing communications strategies and tactics you’ll use.
A good marketing program targets prospects at all stages of your sales cycle. Some marketing tactics, such as many forms of advertising, public relations and direct marketing, are great for reaching cold prospects.
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