It’s no secret that inbound marketing is a valuable (probably THE most valuable) form of marketing in today’s day and age. It’s also no secret, though, that it takes time, money, and resources to have effective inbound marketing campaigns. As a business, you may be considering shifting your marketing efforts to inbound, but perhaps you’re not sure how to budget for it.
Before tackling inbound marketing, here are a few items to consider.
Evaluate Current & Future Spending
At a high level, it is important that you know where your company is currently spending money, and if those spends are bringing value to your company or not. Later on, we’ll go into more detail about some areas where you may be able to reallocate funding to an inbound marketing budget.
After discovering where current money is being spent, you should then evaluate what it would cost to implement inbound marketing for your business. Possible solutions could be:
- Transition current employees to run your inbound marketing
- Hire a new team to run your inbound marketing
- Hire an agency to run your inbound marketing
Because of the complexities of inbound marketing, you want to make sure that you’re hiring the right person or agency to effectively manage your campaigns.
At a high level, effective inbound marketing entails:
- Keyword research - Helps to determine long-tail keywords your business is competing to rank for on Google
- Blogging - This helps to increase organic website traffic by creating engaging content around the keywords you are trying to rank for
- Social promotion - This amplifies the content you’ve created on the social networks your target audiences use
- Valuable content offers - These are longer-form pieces of content that are typically gated with a form
- A content marketing system - A system that houses all of your content. Popular CMS solutions are HubSpot and Wordpress.
- Email marketing - Sending emails to different segmented lists helps to keep prospects and customers up to date on what your company is doing or selling
- Lead nurturing - These are a series of drip campaigns that help to push leads down the funnel
- Evaluating results - Ultimately, evaluating your efforts helps with planning future inbound efforts
Before finding the agency or employees that can help run your inbound campaigns effectively, you should do a deeper dive into your finances to ensure you have the proper budget.
Finding The Budget For Inbound Marketing
After you evaluate what inbound marketing may cost your company, you may be left wondering how you can find the budget to effectively start creating campaigns.
As we mentioned above, this can be done by evaluating where your current money is being spent and ways you can reallocate some of that money if you aren’t able to make a new investment in inbound.
Some effective ways to find the money you need for inbound marketing are:
- Delay hirings elsewhere in the company - Do you have plans to bring on new employees in different areas of the business? Perhaps you should determine your priorities of what you want to accomplish in your business. If generating new business is a high priority for your company, that makes inbound marketing a high priority, as well. With lead generation and nurturing being a significant aspect of inbound marketing, your investment in inbound marketing is to help yield new business. With new business being a primary focus, delay hirings elsewhere so that you’re able to hire an inbound marketing team or agency as quickly as possible.
- Tool Audits - You may be surprised to learn the amount of money your business is spending on tools that either aren’t being used or have less expensive alternatives. By cancelling subscriptions to unused tools and switching to more affordable solutions, you’d be shocked at how much money you’ll be able to reallocate to your inbound efforts.
- Value of printed materials - Still print business cards and marketing materials that aren’t bringing any value to your company? Halt the presses and move that money over to your inbound budget.
- Paid Advertising - Did you start that Facebook ad or Google Adwords campaign because you read somewhere that you should be using them? Have you checked to make sure that those paid campaigns are yielding results? If you aren’t seeing an ROI on your paid advertising, put a stop to your paid campaigns and move that money to inbound. That money may very well go back to paid ads, but a team or agency that has extensive experience in that space will be able to manage the budget much better.
- Event Marketing - Have you been going to a trade show or an event for the last five years, but it hasn’t been bringing in prospects and customers? Cut those events out of your marketing budget and move that money to inbound marketing.
By doing a simple audit of your current spends, you may be very surprised to find how much money you’ll actually be able to spend on inbound marketing.
Start Budgeting For Inbound Marketing
We know that taking the leap into inbound marketing can be a challenge. We would love to help you determine if inbound is a good fit for you. Connect with us here or click the button below to get started!