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Planning Your 2011 Marketing Budget
September is the time that most marketers begin to plan for 2011. While many spent the summer focusing on the challenges and opportunities of Q3 and Q4 2010, it’s important to have started the 2011 planning during those months. If you haven’t started, it’s not too late; here are some important factors to consider.
First, you must start with an audit of your previous marketing efforts and 2010 strategies. There are several steps involved with this; here is a checklist of some recommended assessments:
- Customer and End-User Research: Have you gauged consumer or client sentiment this year? Was your last client discovery session or customer study a few years ago? The economy has changed tremendously, and it has likely changed your customers’ buying behaviors. If you haven’t done a 2010 client, customer or brand study, this is the first place to start.
- Online Reputation Management and Social Sentiment: What are people saying on Facebook, Twitter or LinkedIn about your brand or company? What are they saying about your competitors? No matter what your business or industry, people are likely talking about you. By using the right tools and analytics, The EGC Group team can assess what your online reputation is, and determine a plan to fix it or enhance it.
- Data Analytics: OMMA published a great article in late June, titled “Math Men” on how metrics are changing the way agencies can deliver value to clients. There is more opportunity than ever to marry your Search analytics to your Web analytics to your Traditional Media analytics to your Customer Information. The result of this process is a deeper knowledge of what efforts are yielding the best ROI with each customer type.
Second, you must expand your definition of marketing. A lot has evolved—and quickly—during 2010, and there are many tactics that may not have been a part of your consideration set or plan in 2010. Here are just a few to consider:
- Social Media: This isn’t new and was probably part of your 2010 plan. However, the concept of putting strategies and budgets behind Social is a new concept for many marketers. Throughout 2010, advertisers and brands raced to develop Social Media profiles—but only half of them really used Social Media the right way. Forrester Research predicts an increase of 34% in Social Media budgets in 2011. Don’t have a Social Media strategy budget? First step—find one. Social media is like any other effort—it doesn’t happen without planning or resources. It will also never truly take hold without a “big idea” behind it.
- Mobile: Do you have an app for that? In 2011 more of the people that are seeking out your company will do so on a mobile device—and you need to be certain they can find you, and that you can capture their information and convert them through their iPhone, Android or Blackberry.
- Online Video: I was welcomed this morning by an email from Saks Fifth Avenue and their video catalog. Not only did this make me almost run out and buy everything in it, but it confirmed my belief that online video will be on the rise in 2011, as more site visitors now expect a higher level of engagement. We at EGC are helping clients make online video a reality with the introduction of our new Content Development Studio.
Public Relations, Brand Ambassadors, and Event Marketing: Look for these to be on the increase in 2011 as marketers continue to engage consumers in more direct and meaningful ways. Enhanced search engine optimization, branded online content and e-CRM programs are also expected to be on the rise in 2011, and will be covered in future articles.
