The year often passes by faster than expected. Before you know it, we’re heading into a new one. That’s why it’s a good idea to take a moment to review the current status of your marketing budget. Are there opportunities to make the most of it in the final months? And how do you do that? In this article, we’ll guide you through it.
Why maximize your marketing budget at the end of the year?
There are several reasons why it’s essential to carefully consider how you allocate your marketing budget towards the year’s end:
- Prevent Budget Loss: For many marketers, it’s crucial to ensure they receive adequate marketing funding for the next year.
- Prepare for Next Year: Strategic use of your budget now can help lay the groundwork for projects and initiatives planned for the upcoming year.
- Boost Annual Performance: It offers a chance to give your marketing a final push, enhancing your overall yearly results.
Assessing your current status
An essential step to making the most of your marketing budget at the end of the year is accurately assessing its current status. This involves more than just looking at the figures. Here are some key insights that will contribute significantly:
- Overview of Your Current Marketing Campaigns: What campaigns are running, and what are the expected results? Are there campaigns that aren’t performing as expected?
- Return on Investment (ROI) of Previous Campaigns: Which campaigns have been the most successful this year? Also, consider the individual performance of different channels.
- Overview of Upcoming Campaigns / Events: What actions are planned for the next year, and what are the anticipated costs?
- Status of Office Supplies: Branded office supplies contribute to internal branding. Do you have enough stock, or do you need to order more? Check out our smart tips for office supplies as well.
- Remaining Marketing Budget: How much budget is still available until the end of the year? Have certain expenses been lower than expected?
Using the budget effectively: tips
Now that you have a clear picture of your current status, it’s time to consider how to use the remaining marketing budget effectively. Here are some practical tips to help you out.
Tip 1: invest in office supplies and promotional materials that can be used year-round
Think strategically about the office supplies and promotional materials you purchase. Opt for products that offer year-round visibility, such as reusable notebooks and year planners with your logo. Check out our article on sustainable promotion for more tips on long-lasting products.
Tip 2: gain insights by experimenting wisely
Have some marketing budget left? Use it to experiment with different marketing channels or campaign strategies that you haven’t tried before. Use this leftover budget to test new tactics, such as advertising on emerging social media platforms, influencer marketing, direct mailings, or exploring new content formats like podcasts or videos.
Tip 3: focus on employee satisfaction & customer loyalty
Consider using your extra marketing budget to keep your customers, employees, and partners satisfied. For example, go the extra mile with year-end gifts or create a fun year-end campaign for your loyal customers, like exclusive discounts or a special thank-you campaign.
Planning for next year
As the end of the year approaches, you’re likely also busy developing marketing plans for the next year. This is the perfect moment to not only focus on the big picture but also on the details that help your team and processes run smoothly. Consider budgeting for items like office supplies and sales promotional materials. By gathering input from employees, you can address their needs more effectively.
In addition to internal requirements, it’s also important to review your collaborations with external suppliers during this period. Evaluate the performance of your current partners and determine if they meet the expectations and objectives you’ve set. Think of suppliers for marketing tools, agencies for creative support, and platforms for paid advertising or content creation. Do you need assistance in sourcing branded office supplies and promotional materials? With over 75 years of experience, we know which products best suit your needs and target audience.