Plan Your Marketing Budget and Strategy for 2019

Brace yourselves because we are in Q4, and it’s time to start planning the marketing budgets for 2019

It’s that time of the year when 2018 is almost gone, and the long discussions with CFOs and CEOs are about to begin, having one thought in mind: planning for 2019. Have you already talked about this? Fantastic. Maybe you should check the details of your plan, and add some extra information. Or perhaps you didn’t start to think about the 2019s action plan yet. Then, you have to follow the thoughts below, to keep yourself updated and kick off with your strategy right away.

A look back at 2018. Objectives and results

How was 2018 from a marketing point of view for your company? With accountability and support from your financial department, analyze the 2018 results and revenues compared with the initial set of KPIs.

Look at the level of your ROI, assess losses and unsuccesses and reconsider your tactics for the next year. Measure your performances according to your previous strategic views, consider your new customers and projects, and also customer retention.

Measure the following important KPIs:

Marketing Leads
Conversion rates
Marketing spendings per client
Value of customers
Brand awareness
Customer engagement

Set your marketing goals and budget for 2019

After analyzing the marketing opportunities your company created in 2018, it’s time to align your marketing goals with your business plan for 2019. Take into consideration the following five main questions:

What are the business and sales objectives for the next year?
Are there new products or services the company intends to launch on the market?
Will you need more resources for new marketing channels?
Does the business plan to take over other market segments?
Which will be the allocated marketing budget?

It’s important to refine your marketing goals and avoid common mistakes as underestimating future changes, relying on inaccurate and weak data, or lack of communication with the sales department.

Develop a marketing strategy having in mind the marketing goals you have set, the available budget, and which marketing channels you should use to achieve your purposes. Define which will be the critical point that will mark your 2019’ strategy: inbound or outbound marketing?

Assign your annual budget and write the plan

What should contain a marketing budget? All the expenses with the marketing activities, divided on twelve months, including a timeline, marketing channels and costs for each action.

Estimate expenses according to your marketing goals and during the implementation, you will compare your real-time costs with the initial plan. If necessary, you will adjust your strategy and redirect expenses to other marketing channels for better results.

There are marketing budget templates which you can download for free, or you can opt for the 8 professional templates from Hubspot.

Marketing planning hints for economic crisis periods

Economists and financial analysts talk intensely about the inevitable recession from 2019 or 2020, an event that will impact companies that have not prepared for harder times. Some industries may not be so dramatically affected by the economic decline because they sell fast moving consumer goods.

No matter the company you work in, it's essential to prepare your strategy and budgeting for 2019 in case markets will become more volatile, and customers more sensitive to pricing.

The next year marketing investments and budgeting should focus on building the brand for your company and consolidate the position on the market and strengthen the relationship with the current customers. Budgets should be spent on employer branding, internal and external brand identity, and for sustaining a healthy and positive company culture.

Final Thoughts

Improving your marketing budgets and strategies are essential parts of the entire plan of maintaining a stable and profitable company. With so many competitive companies all around, it’s important to plan and be aware of your middle and long-term objectives.

Don’t hesitate to ask for our guidance regarding marketing planning and other challenges in your industry, and feel free to share this article with your friends on social networks.
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