Establishing a Content Marketing Budget – What to Consider and How to Set a Budget

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A content marketing budget is a must no matter the size of your business. This blog will help you recognize correct ways to strategize your budget. With SMART goals and a smart team your business will be able to handle any challenge. 

Content marketing refers to a strategic marketing approach that focuses on creating as well as distributing quality content to a defined audience to drive profitable customer actions. It is an effective marketing tool used by organizations to achieve business objectives. Ranging from increasing brand visibility on search engines to boosting customer retention rates.

What are the Most Effective Types of Content?

As we all know, content comes in many forms. Some of the most effective types of content used by marketing professionals include:

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As you create your effective content marketing strategy, it is important to establish an optimal content marketing budget that focuses on streamlining processes as well as maximizing profits. This step is of the utmost importance if you are operating with limited financial resources such as the owner of a small business.

Small business owners are the most prone to under-performing in the marketing realm. As they don't allocate enough funds to areas that could help increase their conversion rates and are too busy with other responsibilities to stay up to date with content creation. That's why budgeting is so important. It creates a pathway to success no matter your limitations.

Business owner's hands typing on a laptop device and providing effective content marketing budget strategies for his business.

What to Consider When Establishing a Content Marketing Budget 

Set your budget

When setting your budget, ensure your content strategy aligns with your spending. This requires a clear understanding of your overall marketing budget. So, you can have a better sense of how much you want to allocate to content marketing. For the average business, it is recommended that 25% to 30% of your marketing budget go to content marketing.

Allocating your budget

Now that your budget's set, it's time to focus on the allocation of content marketing funds. The best way to go about allocating funds is to answer questions that are in line with your business objectives.

Examples:

The answers to these questions will help you determine key metrics, effective strategies, and maximize your return on investment.

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Measure and adjust results 

Once your content campaign is live, you can sit back and monitor how well your content is converting. Based on the key performance indicators you set, you can analyze the data and adjust your budget allocations to better serve your brand's bottom line.

These considerations can help you create a thorough content marketing budget using SMART goals.

What are S.M.A.R.T. goals?

S.M.A.R.T. is an acronym for:

Specific 

Specificity concerning goal setting means being clear about the goals you want to accomplish. When drafting your goals, you should answer the 5 W's.

Measurable 

Setting measurable goals means you're able to monitor your progress via a metric system, to help you stay focused, motivated, and on track to meeting deadlines.

Achievable 

An achievable goal is a realistic goal that you can accomplish successfully. Unattainable goals can be costly as they waste valuable company resources such as time, money, and energy.

Relevant 

Crafting relevant goals means focusing on goals that align with your business's overall objective. For instance, if your brand is on the verge of releasing a new basketball shoe, the content you create should relate to the release of the basketball shoe.

Time-Bound 

An important component of goal-setting is providing target dates for deliverables and completion. Realistic deadlines will help you stay organized, busy, and on the road to success.

Example: If you have a project that is due in a month, you could set biweekly target dates for deliverables.

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Takeaways

Do's of content marketing budgeting

Dont's of content marketing budgeting

Marketing is developing exponentially, but marketing budgets have pretty much stayed the same. In this advanced and highly competitive climate, businesses need to get in front of the eyes of consumers with intent. And that requires reworking those budgets to meet the needs of the new digital age.

How much should entrepreneurs be investing in content marketing? Let us know in the comments below!

 


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Filed Under: Business Tips, Content Marketing

About Lindsey Perron

As Thomas’ daughter, Lindsey was introduced to the world of sales and marketing at an early age. Curious about what her dad did, Lindsey would jump at every opportunity to help and ride along on sales calls. Always quick to take charge and lead the group—a trait that has only grown with time—Lindsey was frequently told by her parents that she was destined to be a manager or CEO of some sort. While working toward earning her bachelor’s degree in human services from the University of Wisconsin-Oshkosh, Lindsey interned with the UW Office of Equality and Affirmative Action and served on several councils, which gave her the opportunity to develop her persuasive writing skills, researching skills, problem-solving skills, project management skills, and more. After working as the lead teacher of the 4-year-old room at the local daycare center, Lindsey decided to switch gears and join the Viral Solutions team. In her position, Lindsey is able to help clients think through an end goal and reverse engineer it into the steps needed to achieve it.

When she’s not working, Lindsey loves spending time with family, be it traveling somewhere together or just hanging out at home.