New Financial Year, New Marketing Budget: Your Step-by-Step Guide to the New Year

A fresh financial year is like a blank canvas for marketers – a chance to paint a new picture of success. But without a solid budget and a clear plan, your marketing efforts can quickly become a chaotic splatter of wasted resources. So, grab your brush and let’s create a masterpiece!

1. Reflect on Last Year’s Performance:

Before diving into the new year, it’s crucial to review last year’s marketing performance.

  • What worked? Identify your most successful campaigns and channels. Which tactics generated the highest ROI (return on investment)?
  • What didn’t? Pinpoint areas where you fell short of expectations. Were there any campaigns that were costly but didn’t deliver results?
  • What did you learn? Extract valuable insights from your successes and failures. What trends did you notice? Were there any unexpected outcomes?
  • What do you need to add? Where were the gaps in your knowledge base that left you feeling confused or didn’t live up to your expectations last year?

These insights will serve as a foundation for your new budget and strategy.

2. Set SMART Goals:

Goals are the compass that guides your marketing journey. But not just any goals – we’re talking SMART goals:

  • Specific: Clearly define what you want to achieve (e.g., increase website traffic by 15%, generate 50 new leads per month).
  • Measurable: Ensure your goals are quantifiable so you can track your progress (e.g., use Google Analytics to measure website traffic).
  • Achievable: Set realistic goals based on your budget and resources.
  • Relevant: Align your goals with your overall business objectives.
  • Time-Bound: Establish a timeframe for achieving each goal (e.g., by the end of the quarter, by the end of the year).

3. Allocate Your Budget Wisely:

This is where the rubber meets the road. How much are you willing to invest in your marketing efforts? And more importantly, where will you allocate those funds?

  • Prioritise: Based on your goals and last year’s performance, decide which channels and tactics deserve the most investment.
  • Experiment: Don’t be afraid to allocate a small portion of your budget to testing new strategies or platforms.
  • Contingency: Always have a buffer in case of unexpected expenses or opportunities.
  • Team & Tools: Finding the people and tools to supplement and streamline what was lacking in the previous year can be a great kick start in the new financial year!

4. Track Your ROI:

To ensure your marketing budget is working hard, it’s crucial to track your ROI. Here’s how:

  • Set Up Conversion Tracking: Use tools like Google Analytics and social media analytics to measure conversions, such as website purchases or lead form submissions.
  • Calculate Cost per Acquisition (CPA): Determine how much it costs you to acquire a new customer through each marketing channel.
  • Analyse and Adjust: Regularly review your data and make adjustments to your strategy based on what’s working and what’s not.

Remember: Marketing isn’t a one-and-done activity. It’s an ongoing process that requires continuous monitoring and optimisation. By following these steps and remaining adaptable, you can ensure your marketing budget delivers maximum impact in the new financial year.

Need a Helping Hand?

Marketing Jumpstart is here to guide and execute this process and help you develop a tailored marketing strategy that aligns with your goals and budget. Contact us today for a free consultation!

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About Avram Parker
Hey there! I’m Avram Parker, and I’ve spent the better part of my career navigating the ever-changing landscape of digital marketing. With a background in both creative and analytical disciplines, I’ve found a real sweet spot in helping businesses connect with their audiences in meaningful ways. Marketing isn’t just about tactics; it’s about storytelling, building relationships, and delivering real value. That’s the philosophy I bring to my work with clients, and it’s what I aim to share in my posts here on Marketing Jumpstart. When I’m not strategizing or writing, you can usually find me catching a flick at a local cinema, getting lost in creating a new piece of art (painting is my current obsession!), capturing the world through my lens, or spending quality time with my family. They’re my biggest supporters and my source of endless inspiration. Thanks for stopping by, and feel free to reach out if you have any questions or just want to chat marketing!