What Your 2017 Marketing Budget Needs to Include
If you’re like most marketing teams, your budget request for 2017 either hasn’t been formally submitted yet, or it hasn’t been formally approved yet.
Between the holidays, wrapping up end-of-year analysis (no pun intended), and conducting the necessary research and meetings to make sure your budget plan/request is rock solid and actually effective, it can be hard to get a budget plan signed, sealed, and delivered by the first week of January. Before you consider your plan finished, make sure you’ve made room for these key investments in 2017.
1. Live Video
Live video on social is a key component to growing your social presence, digital presence, and business in the coming year. Brands across the spectrum, from IBM to Buzzfeed, are investing in Facebook Live, Snapchat, Instagram Stories, and other live broadcasting channels.
Tie to Your Organizational Goals
Your budget requests should always be designed to meet your business’s or division’s overall goals. When you make your budget request and plan for a live video program, make sure to include the answers to these questions:
✅ What are your revenue targets next year? This will help you align your priorities with those of your CFO and others you need buy-in from.
✅ Is sales on board? Before taking your plan and budget to the C-suite, run it by sales. Make sure sales leadership understands how vital live video is to helping them hit their goals. This puts you in a solid position to justify a live video investment.
✅ What can you cut to make room? Cut unsuccessful line items from last year (and explain why) to make room for live video.
✅ What are your goals for live video? Organize your goals for live video by business objective. This will make it easier for members of your management team to justify your budget request. Business objectives might include sales, ad revenue, customer retention, etc.
✅ How will you measure results for live video? Project revenue results. Make sure you have a measurement plan in place to track towards those ROI projections.
2. Professional Video
We live in the video era. Investing in professional video (and disseminating that video in creative, measurable ways) is crucial if you want to grow your digital impact in the coming year.
Know What You Need
Your budget requests need to be informed by research first–but don’t worry, we’ve done some for you! When you make your budget request and plan for a professional video program, make sure to include the answers to these questions:
✅ Will you outsource or produce in-house? Outsourced video production runs from $5,000 to upwards of $10,000 per asset for a basic video. Advanced videos with an “advertising look and feel” will range anywhere from $5,000 to $60,000. This might seem like a lot, but you can also chop up the “pillar video” in several pieces and use these pieces across your various digital channels in creative ways.
The other option is to hire an in-house videographer. This person should know how to conceptualize, capture, and edit footage from concept to completion. Look at the average videographer salary in your area and see if this is the right avenue for your brand. The benefit here is that you will have a more robust and consistent video program, and will get more bang for your buck in the long run.
✅ Which types of video do you need–and what is their purpose? High-end production with professional actors and special effects will be more expensive than a local celebrity or a how-to video shoot. But that isn’t your primary concern. What you really need to know to make a competitive budget plan and request is: how will professional videos impact what your business cares about: leads, revenue, business value, customer acquisition?
Want to know what else your 2017 marketing budget must include to stay relevant and effective? Download the full guide below.
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I’m the Head of Marketing Communications here at Simply Measured, where I’m responsible for our content program, social media marketing, PR, and comarketing ventures. I love yoga, The X-Files, peaty scotch, hiking, and poetry. If I were a social media channel, I’d want to be Instagram, but I think I’m Twitter.