Many businesses find themselves in a familiar year-end predicament: the “use-it-or-lose-it” dilemma with their marketing budgets. Throughout the year, marketing directors often strive to be frugal, carefully allocating resources to various initiatives. However, as the year draws to a close, a surplus budget looms, requiring careful consideration on how to spend it wisely—avoiding the appearance of frivolous spending. Here are five astute ways to leverage your year-end marketing budget effectively and set the stage for a prosperous new year.
- Embrace Holiday Promotions
Consider allocating a portion of your surplus budget to holiday promotions. Many other companies face a similar surplus predicament, making it an opportune time to offer special deals and promotions for your brand, services, or products. This not only provides potential tax benefits but also jumpstarts your revenue for the upcoming year.
- Plan Ahead for Next Year’s Marketing Initiatives
Rather than waiting until the new year to plan your marketing initiatives, use your year-end surplus to get a head start. Collaborate with your marketing agency or internal team to craft a comprehensive marketing strategy for the upcoming year. This proactive approach allows you to hit the ground running while competitors are still in the planning phase.
- Invest in Video Content
In today’s marketing landscape, short-form video content is king, thanks to platforms like TikTok and Reels. Consider investing your surplus budget in creating a library of videos tailored to these platforms. Your marketing agency can assist in generating content ideas, enabling you to build a relatable content strategy that can be disseminated throughout the year.
- Prioritize Self-Education
Continual self-education and keeping your marketing team updated are essential for staying ahead in a rapidly evolving digital landscape. Invest in the knowledge and skills of your team by bringing in consultants who can help you understand emerging technologies, such as cryptocurrencies and NFTs, and how to leverage them for future marketing success.
- Strengthen Your SEO Strategy
Investing in SEO is a sound strategy year-round. Search engine algorithms change regularly, impacting your website’s visibility. To ensure your website remains competitive, allocate part of your surplus budget to consult with an experienced SEO/SEM team. Regular audits of your website and content will help you adapt to algorithmic changes, ensuring your site remains prominent in search engine results.
Conclusion
Your year-end marketing budget surplus presents a unique opportunity to position your brand for success in the upcoming year. By strategically allocating these funds to holiday promotions, early planning, video content, self-education, and SEO improvements, you’ll not only avoid wasteful spending but also lay the groundwork for a prosperous year ahead. Seize this moment to invest wisely, and watch your brand soar to new heights.
Don’t let your year-end marketing budget go to waste. If you’re seeking expert guidance and support to make the most of your year-end marketing budget, we invite you to schedule a free consultation session with one of our Fractional Chief Marketing officers here.
