It’s coming up to the end of the financial year and businesses are busy planning their budgets for the 1st April onwards. Marketing is, of course, a key component of a business, but how much do I need to spend on marketing?
What Type Of Business Do You Have?
The first factor is the size of your business and obviously how much finance you have available!
There is no one size fits all approach, but most businesses would fall under these three categories.
Startup or one-man-band
Small business, up to fifty employees
Medium business, from fifty to two hundred employees
Large business, over two hundred employees
The type of content marketing required for a new startup business is likely to be much different from the content a medium or large company will require.
Brand awareness and just getting people to notice you exist will take up a lot of any content marketing.
Small, medium and large businesses are going to want to grow and get bigger, so their content marketing strategy will be different.
If you have fewer employees there won’t be the resources to do much of this in-house either, so may want to outsource this to an agency or initially, freelancers to find out what content marketing works.
Content Marketing in 2020
Most of the time, the younger the business is, the less content marketing budget they will have.
There will be exceptions to this of course, but logically you will spend less on the unknown.
Larger businesses and companies who are established will have tried and tested different ways of marketing and marketing campaigns.
So, in theory, they will know what works and what doesn’t.
As we have said many times before, marketing isn’t an exact science and it will take time.
The current marketing trends show that longer blogs are more popular than ever before.
According to figures produced by Orbit Media, who produce an annual blogging survey, in 2014 it was talking content marketers 2 hours, 24 minutes to write a blog.
Last year it was just under 4 hours (3 hours and 57 minutes).
Which is a rather large leap of 65%.
So, in 2014 you would be able to only watch half of The Fellowship Of The Ring when you were writing, whereas in 2019 you could have watched the whole film plus all the deleted scenes.
There’s more competition than ever before so they just to be better than they were to get attention and there has been an increase in consumers wanting longer well-researched blogs and articles.
Another change in content marketing trends is the increase in popularity of video content on blogs and websites.
The ever-fickle customer base has now decided they would either like to read long articles or not read anything at all and watch a short video instead.
Before we move on, every year the Content Marketing Institute produce a content marketing research report, which we would definitely recommend you look at.
Here’s a short video from them to explain all about it.
Strategy And Analysis
This might sound like a post-match discussion with Gary Lineker after the FA Cup semi-final, but these are so very important in marketing when you are deciding ‘how much do I need to spend on content marketing?’
If you are planning your budget yourself, or for your finance director, you will need to justify how much you want to spend and what you are going to spend it on.
Otherwise, you will quickly be out of packet or the finance director will give you a lot less than you want!
At the other end of the scale, you need to do some analysis throughout the year to find out what is successful and what isn’t.
This way you could justify an extra funnel of cash for some more blogs or a podcast, for example.
How GrowTraffic Can Help With Content Marketing Budgets
Over the past few months, we have done a lot of work and research into all aspects of content marketing which you may find useful for content marketing budget planning.
We have produced some help on making a business case for hiring a content marketing agency.
There’s an article on all the different types of marketing metrics you need and more importantly, that board members need!
If you would like guidance on content creation in the early awareness stage of the buyer’s cycle then take a look here.
For small and startup business who haven’t got the resources, we looked at whether using a content marketing agency is a good idea.
Lastly, we have done our best to be in your corner when you try and get the content marketing budget in our blog about how you can justify more money for marketing.
If you would like some more help about content marketing and marketing budgeting then please do contact us and our team will be more than happy to have a chat with you.