- HoneyHat

How to get the marketing budget you deserve

It can be awkward to request more money, especially if you’ve had a less successful year in marketing. It doesn’t stop you from trying. You might be surprised by how generous budget stakeholders are if you make a reasonable, data-backed request.

These five tips are meant to help you succeed. If you know of any other tips that have helped you obtain more funding, please share them with us.

Results are important. You should ask for additional investment in areas where you have had major success this year. Your ROI will make it easier to convince your investors to give you more money. This is an advantage to having historical data and making projections accordingly.

Note: Even if your project was not as successful as expected, you can still share your findings, explain what you learned, and describe how you intend to adjust your strategy.

To measure your success, you must use the right metrics. Learn how to select the right metrics for content strategy.

2) Develop a plan.

Content marketing success is based on a strong and measurable strategy. Yet, according to the Content Marketing Institute’s research, 60% of B2B marketer don’t have a strategy documented! You can get more budget for marketing if you present a strategy that is well-crafted and has a goal with measurable metrics.

What marketing strategy and campaign angle would justify a larger budget?
What type of market research did you do to validate your idea/approach or what kind of approach?
Based on your past experience and industry benchmarks, what ROI can you anticipate from the additional funds?

Include details on how you intend to utilize your resources.

Check out our checklist for a content strategy to ensure you have a comprehensive strategy.

Bring in new ideas.

It’s difficult to look at your strategy from a fresh perspective when you are constantly focused on your brand. You may miss out on opportunities to increase your impact, even if they require more money.

You can ask your agency partners for interesting ideas if you already work with them. You can ask them to provide you with rough budgets and concepts to share with your budget stakeholders. Please be kind to your partners. The agency with the best idea is the one that should execute. )

There are many ways to get inspired, whether you work with an agency or on your own. Use these content marketing ideas, analyze your data and learn how to conduct the best brainstorm.

4) Work with other departments.

It’s all about maximising budgets and that can sometimes mean “sharing” them with others. You might be able convince another department to contribute budget if you come up with a program or initiative that benefits both departments (e.g. creating more content about employer branding for HR).

Show them what the competition is up to.

It’s not about following trends blindly. You don’t have to do something because your competitors are doing it. You can argue that your competitors are doing what you want to do, e.g. investing in social videos, and they’re achieving great success. You can use their metrics, such as video views and social shares, to support your case.

It’s a good idea to do a competitive analysis if you haven’t done one in a while. Use our template for a free competitive analysis to see what other companies are doing right and how you can differentiate yourself.

How to make the most of your marketing budget

These tips should help you to get the budget that you need. We know that you need to maximize your budget even if you have more. You can find more ideas here.

Optimise your content infrastructure. Use our guide to create content at each stage.
Make the most of your content. Divide your content to create multiple assets from a single piece.
You can make your content strategy more successful by following these 10 tips. Also, learn 5 lessons in content marketing that you can use into the New Year.

If you feel overwhelmed or stuck, you might want to consider hiring a creative agency. Check out our tips on how to choose the best agency for you or tell us what issues need solving. We want to make sure that next year is your most successful ever.

The article 5 smart ways to get more marketing budget in 2024 first appeared on column five.