As 2020 swiftly approaches, it becomes imperative that you develop your marketing budget. In honor of our Top 50 Branding Agencies Report, we reached out to experts to provide insights about your branding budget. Join us as we take a deep dive into strategies for branding on a budget.
1. Start Budgeting Early
We all fall victim to procrastination; however, one thing that you can’t afford to procrastinate on is your budget. This piece of advice isn’t tailored just to branding, but rather budgeting in general.
Andrew Ellingson, Director of Marketing at Sixspeed emphasizes that one of the most important things you can do is start the budgeting process early. He said, “It’s easy to get caught up in the executions and before you know it you have spent half of your budget at the end of Q1.”
In order to prevent this from happening to you, tackle budget planning. Ellingson explained that doing this also gives you a more comprehensive view of your marketing budget.
2. Let The North Star Guide You
In the world of branding and marketing, in general, it can be super easy to get lost. One of the best ways to ensure that you stay on budget is by starting with a clearly defined position.
Paul Jarvis, Principal / Creative Director at Propaganda equates this clearly defined position to a “North Star” that should guide all of your decisions. Jarvis said, “Understanding your position and the emotional and functional benefits you deliver to your consumers will keep you focused and avoid costly missteps.”
One way you’ll save money with a clearly defined position is with the number of concepts. Jean-Pierre Lacroix, President of SLD elaborated. He said, “Limiting the number of concepts in the initial range of design helps the program stay within budget.”
3. Give Your Plan Time
As marketers, we like to meddle. However, sometimes the best thing you can do is be patient and wait.
Jarvis urges brands to develop a long-term strategic plan, based on what your brand stands for, the competition, your target audience and why your brand matters. And, then wait it out. He explained that you have to give your plan some time to gain traction.
Jarvis emphasized, “Too often, costly brand strategies and creative are discarded, only to repeat the process with similar outcomes, while your budget takes a significant hit!”
4. Reconsider The Timeframe
Large branding projects can easily exceed your brands’ budget. A great way to combat this issue is by readjusting your timeframe so that the project can actually work within your budget. Jarvis and his team at Propaganda have helped many budget-sensitive clients achieve great results this way.
After years of accelerated expansion, Ted’s Montana Grill engaged Propaganda. The restaurant was seeking to fine-tune their brand strategy and define a core creative and communication strategy.
He elaborated: “Budgetary restraints required that we develop a three-year implementation plan based on priority and opportunity. The outcome resulted in increased guest counts and unified the internal culture as the brand romanticized the spirit of freedom that connected guests to the Ted’s Montana Grill experience.”
If you’re a brand struggling with budget constraints, a great way to overcome this is to save costs by consolidating services. Agency Spotter is here to help you overcome any budgeting trouble and find your next partner.