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What are the best practices for allocating your B2B marketing budget across different channels and tactics?

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Allocating your B2B marketing budget across different channels and tactics can be a challenging and complex task. You need to balance your goals, resources, audience, and performance metrics to optimize your return on investment. In this article, we will share some best practices for planning and executing your B2B marketing budget and allocation strategy.

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Matt Parkin, CAPM?

Leading partnerships @ Fulfil (eCommerce ERP) ?? | Coaching and speaking about all things personal branding and…

1 Assess your current situation

The first step is to evaluate your current marketing performance and identify your strengths, weaknesses, opportunities, and threats. You can use tools like SWOT analysis, benchmarking, and gap analysis to compare your results with your competitors and industry standards. You should also review your customer journey, buyer personas, value proposition, and unique selling points to ensure that your marketing messages are aligned with your target audience and their needs.

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Michael Miller

Senior marketing leader & strategist delivering proven results and predictable growth strategic marketing, SEO/AEO, Web Dev, Marketing Automation & AI | Fractional CMO
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It’s important not to jump right to tactics. Start with strategy and make sure you really understand your ideal client profile and the problem(s) they are trying to solve. You should go out and interview them. Find out how they talk about their problems, why they chose you, and why they stick with you. Use this information to make sure you core message of differentiation os accurate and your language reflects how they talk. Then consider the journey they go on in making a buying decision. Where could they come in contact with you and what questions do they have through the stages of know, like, trust, try, buy, repeat, and refer. Once you have that, figure out the right piece of content at each stage.

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2 Set your objectives and KPIs

The next step is to define your marketing objectives and key performance indicators (KPIs) for each channel and tactic. Your objectives should be SMART: specific, measurable, achievable, relevant, and time-bound. Your KPIs should be aligned with your objectives and reflect the outcomes you want to achieve. For example, if your objective is to increase brand awareness, your KPIs could be impressions, reach, or share of voice. If your objective is to generate leads, your KPIs could be conversions, cost per lead, or lead quality.

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3 Allocate your budget based on ROI

The third step is to allocate your budget based on the expected return on investment (ROI) of each channel and tactic. You can use historical data, industry benchmarks, and forecasting tools to estimate the ROI of your marketing activities. You should also consider factors such as the customer lifetime value, the sales cycle length, and the cost of acquisition of each channel and tactic. You should prioritize the channels and tactics that have the highest potential to deliver your objectives and KPIs, while minimizing the risk and cost.

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Matt Parkin, CAPM?

Leading partnerships @ Fulfil (eCommerce ERP) ?? | Coaching and speaking about all things personal branding and entrepreneurship ??? | 4x Founder ?? | FoundersBeta 30 Under 30 ??
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Don't forget about organic b2b channels. Investing time into building your executive team's personal brands on LinkedIn won't bring ROI overnight, but will compound growth in the long run to supplement paid channels you use.

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4 Test and optimize your strategy

The fourth step is to test and optimize your marketing strategy based on the performance data and feedback. You should monitor and measure your results regularly and compare them with your objectives and KPIs. You should also conduct A/B testing, split testing, or multivariate testing to experiment with different variations of your marketing messages, creatives, offers, and landing pages. You should analyze the data and insights to identify what works and what doesn't, and make adjustments accordingly.

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5 Diversify and integrate your channels and tactics

The fifth step is to diversify and integrate your marketing channels and tactics to reach and engage your audience across multiple touchpoints. You should not rely on one or a few channels or tactics, but rather use a mix of online and offline, paid and organic, inbound and outbound, and awareness and conversion-oriented methods. You should also ensure that your marketing channels and tactics are consistent and complementary, and that they support each other throughout the customer journey.

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6 Review and revise your budget and allocation

The sixth step is to review and revise your budget and allocation periodically to adapt to the changing market conditions, customer behavior, and business goals. You should evaluate the effectiveness and efficiency of your marketing strategy and identify any gaps, challenges, or opportunities. You should also consider the external factors that may affect your marketing performance, such as the competition, the economy, the technology, or the regulations. You should update your budget and allocation accordingly to maximize your ROI and achieve your objectives.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Dawn M. Fournier

Driving clinical AI awareness and adoption for Henry Schein One
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Two important budget items are missing from this conversation: content marketing and agency spend. Digital marketing agencies house the talent and the tools to run your campaigns. Content is needed at all stages of the buyer's journey, and unless you have an awesome in-house design and writing team, white papers, video production, infographics all cost bank!

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What are the best practices for allocating your B2B marketing budget across different channels and tactics?

1

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1 Assess your current situation

2 Set your objectives and KPIs

3 Allocate your budget based on ROI

4 Test and optimize your strategy

5 Diversify and integrate your channels and tactics

6 Review and revise your budget and allocation

7 Here’s what else to consider

B2B Marketing Strategy

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What are the best practices for allocating your B2B marketing budget across different channels and tactics?

1

2

3

4

5

6

7

1 Assess your current situation

2 Set your objectives and KPIs

3 Allocate your budget based on ROI

4 Test and optimize your strategy

5 Diversify and integrate your channels and tactics

6 Review and revise your budget and allocation

7 Here’s what else to consider

B2B Marketing Strategy

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