as a household budget that you create for your family. It's about following the money in, calculating what comes out and optimizing so you do not spend more than you.
A content marketing budget is important for several reasons. For beginners, this gives you a basic point. As corporate strategist Mike Huber states: "Setting a budget allows you to calculate the cost of a prospect. This baseline will show how the cost of a lead is reduced over time. It's a good thing to share with management to strengthen or even increase your budget. "
A budget also helps to consolidate your strategy and give you the stability you need to move forward. You do not have to worry about pinching pennies and calculating costs in the moment – you stick to the plan and you know that the costs are taken into account.
5 tips for a perfect budget
Budgeting is neither fun nor sexy. There are dozens of other ways to spend your time – each of them would be more exciting and invigorating – but few of them would be as meaningful and effective as the development of A concrete budget to guide your content marketing efforts.
The question is: how do you make sure you develop the right budget? Although the word "right" is highly subjective, the following tips will help you move in the right direction:
1. Put together round numbers
It's never a good idea to copy and paste another company's figures into your own budget, but it may be useful to use other budgets as a reference point to locate you.
Over the years, the general rule has been to allocate 10% of revenue to marketing, but this figure can be a little exaggerated. A recent CMO survey, conducted by Deloitte, found that the average number of 350 marketers accounted for 6.9% of revenues . Of this amount, 29 to 39% are generally reserved for content marketing.
In other words, if you report a million dollars in annual revenue, the basic rule is to spend between $ 20,000 and $ 27,000 on content marketing. This may seem high or low for you, but again, this is only a round number used for estimation.
2. Setting goals
A good budget for content marketing requires goals. What are you trying to accomplish? What is the best possible result? What is the minimum return expected? Solving problems such as these will help clarify the entire budgeting process.
Depending on how you manage a content marketing strategy, you can also specify the types and amount of content you want to publish. For example, you can set annual content product requirements that look like this:
24 blog articles on site
12 offsite items
12 monthly newsletters
6 video functions
260 original Facebook messages
730 original Tweets
Not only does this help with planning, but it gives you an idea of how much your content creation costs will be and what you can afford to allocate to each type of content.
3. Develop a calendar
You must have an idea of the time required to produce each item of your budget. For example, you know that it takes three hours to develop off-site articles, but only an hour and a half to create an on-site blog article. Small details like this help to improve the accuracy of cost projections.
In addition to the time of writing / creating content, you should also think about search time, creative meetings, editing, publishing, sharing, and so on. Be careful with your estimates because it is always better to overestimate budget.
This schedule can then be used to establish an estimated number of hours. Divide that by your content creation budget and you have an idea of the type of hourly rate that you can pay to your employees or subcontractors.
4. Calculation of Production Costs and Return on Investment
"In addition to strategy, the content must be distributed and promoted to attract the points of view that generate sales leads," notes a marketing strategist Brad Shorr . "Distribution and promotional activities include streaming content to external blogs, managing relationships with off-site publishers, sharing your content on your social media platforms, and collecting and reporting."
It is there that most budgets tend to lose their interest. Be aware that you probably will not get the production costs for the first two years, but you will follow your numbers and you will begin to understand how much these tasks really cost.
5. Continuously optimizing
Good budgeting is continuous optimization. You can not develop a budget at the end of December and see it again a year later. You must pay close attention to your expenses in real time so you can make changes on the fly. This can mean sitting down and having a weekly meeting where you will spend 25 minutes assessing where things are and making adjustments.
Take your time
There is no precipitation. While it makes sense to develop a content marketing budget as soon as possible, you do not have to rush into an area for which you are not prepared. It is better to devote a few more weeks to a correct budget than to retreat to a corner with the bad.
As in many other areas of life, patience is a virtue in content marketing. This does not guarantee the results, but it will greatly increase your chances of success.