Successful retailers have one big thing in common: They all have a marketing plan. And, this marketing plan starts with knowing your budget, understanding your unique selling proposition, and concentrating on those areas which can provide you with the greatest ROI. In this session, we'll review the proper way to build an actual budget, the questions you need to answer prior to that build, and best tactics for acquisition and retention marketing.
2. https://bit.ly/2BYPmDx
Once you access the document, go to File and select
Download as Excel. Then save to your laptop desktop.
Building a Marketing Budget
Shareable Link to Budget Template:
3. Every great budget begins with a few simple rules.
RULE #1: Define your marketing goals
On paper or on your laptop, right now, write down
your top 4-5 marketing goals.
Building a Marketing Budget
4. RULE #2: Determine your annual budget
General rule of thumb: 5% - 8% of gross sales
Building a Marketing Budget
5. RULE #3: Review your monthly sales numbers
Building a Marketing Budget
7. 4-6 points: 5%
7-9 points: 6%
10+ points: 7-8%
Building a Marketing Budget
What Should Your Budget Be?
8. RULE #4: Consider your marketing channel options
Building a Marketing Budget
Facebook
Digital Display
Retargeting
Google
Adwords
Cable
Network TV
Satellite Radio
Terrestrial Radio
Billboards
Print
Publications
Billboards
Direct
Mail
YouTube
11. Acquisition Items:
Diversify. See your customers out where you may not have
previously looked.
TV Paid Search/Google Adwords
Billboard
Radio Facebook/Social Advertising Print
Events Digital (display/geofencing, etc) Word-of-
mouth
Sponsorships
Building a Marketing Budget
12. Retention Items:
Diversify. See your customers out where you may not have
previously looked.
TV Paid Search/Google Adwords Billboard Direct Mail
Radio Facebook/Social Advertising Print Loyalty Program
Events Digital (display/geofencing, etc) Word-of-mouth
Sponsorships Email Marketing
Building a Marketing Budget
14. RULE #7: Measure. Measure. Measure.
Customer Aquisition Costs
Cost of Marketing : # New Customers
Example: Spend $5,000 on an event that attracted 500 customers.
Your CAC is $10*
*Have to account for everything that went into that event such as overhead. This is merely
your acquisition cost.
You have to measure all marketing as it relates to sales and GP!
Building a Marketing Budget
15. RULE #8: Remember, marketing is not an exact science.
It requires:
Patience
Consistency of Message
Trial and Error
Planning
Building a Marketing Budget
(talk about their business…do they want to build bridal as an example; do they have an issue with aging inventory? Do they want to increase frequency of visit? Etc.
Schonfeld & Associates develops and markets business information products. The company was started in 1977 by a former professor at Northwestern University.
Hand Out Recap Form
Talk about branding messages versus call to action marketing. How you can measure some digital vs traditional. But, the same can be true for both. How a click-through doesn’t necessarily mean someone will take action. The same is true for a TV ad.
Discuss the difference; the importance of having both. 80/20 rule and driving new as the lifeblood of any retail business. Knowing what you need to do for your own business.
Discuss the difference; the importance of having both. 80/20 rule and driving new as the lifeblood of any retail business. Knowing what you need to do for your own business.
Review Budget Link - Discuss the organizational elements to it; discuss how to use it
