While we are still facing some uncertainty, most business owners are optimistic about spending in 2021. As we set our sights on next year, there is an opportunity to plan for flexibility to maximize your impact. How can we accomplish that?
Here are five considerations to make as you plan your 2021 marketing budget.
- Concentrate on ROI: An emphasis on understanding and driving strategic planning based on return on investment has been a priority for business owners for some time now, but in 2021 it will be more important than ever.
- Invest in Your Brand for the Future: Short-term budget cuts often have the unfortunate result of a reduction in communications and brand visibility, which are crucial during an economic downturn. As you tackle your marketing plan for 2021, craft a plan that emphasizes increasing or maintaining the saturation of your brand’s communication. This will bolster trust and keep you top of mind with prospects and customers.
- Accelerate Your Planning Cycle: Quite frankly, it’s unlikely that a “set it and forget it” 2021 annual plan will be successful as we face uncertainty. The faster you can analyze and adjust the implementation of your plan, the more you can successfully navigate impending changes.
- Understand Your Priorities: Whether or not you’re feeling enthusiastic about your spending in 2021, you need to be prepared for adjustments to your marketing budget midyear. Budget adjustments this year forced many marketers to make short-term cash flow a priority. In 2021, prepare your business to adjust budgets based on impact.
- Position Your Business for Recovery: After most downturns, consumer behavior tends to return to normal within a year or two. But the deeper and longer the recession is, the more likely it is to have a lasting impact on consumer behavior. Brands that are positioning to service their customers now and later are more likely to produce brand loyalty and thrive during the recovery phase.
During these times of uncertainty, we’re facing the rare challenge of needing to be flexible, but not short-sighted. While you may be tempted to forget about your yearly marketing budgets for 2020, don’t give in to uncertainty. Plan now for goal adjustments so you’ll be equipped to make decisions that will boost impact.
Stay the course!
As you plan your marketing budget for 2021 keep in mind that we can help with SEO/SEM, Online Reputation Management, a Blogging Program, Website Development, Direct Mail, Email Marketing – or any other marketing tools – give us a call today at 203-746-5901 or send us an email to sales@BlueOrchidMarketing.com to get started.