Sticking to a budget is a key factor in executing a successful marketing campaign. However, this is much easier said than done. It can be difficult to accurately measure funding needs beforehand, especially when unforeseen obstacles get in the way.
Did you know that without an effective management system, 69% of projects do not meet their budget standards? Using the right tools can make all the difference when it comes to the organization and success of your marketing strategy, especially in terms of spending. Here’s our top four picks that will help your business improve budgeting throughout campaigns.
Whenever a project takes longer to complete than expected, it’s quite likely it will exceed its overall budget, too. Extending production time can cause frustration, not to mention the havoc it can wreak on attempting to invoice project hours for a client. Using a project management tool that incorporates accurate time tracking can help your team finish time-sensitive tasks more effectively.
Nutcache provides an all-in-one agile business solution to help your team stay organized throughout projects from A to Z. Using an agile workflow can boost productivity and overall success, especially when it’s combined with marketing strategies. Nutcache’s intuitive dashboards break down project durations, responsibilities, and deadlines so team members know exactly what to expect throughout the lifecycle of every campaign.
The budget tracking tool converts hours into accurate invoices so you and your clients can make sure that payment is fair and correct. Users can even log their hours outside the office quickly and easily with the Nutcache mobile app.
Nutcache offers a free 14-day trial and various pricing packages based on your business needs.
When it comes to budget planning, the return on investment can make a huge impact on spending and strategy. However, 59% of marketers admit that they do not know how to accurately measure the ROI of their campaign activities. This means that it is virtually impossible for the majority of marketing plans to predict whether or not their spending will be worth it!
Allocadia is a planning tool that is designed specifically for marketing campaigns, helping teams stay on track and on budget. What makes this tool unique is its use of a Marketing Performance Management (MPM) approach for accurate ROI measurement. Its data and analytical reporting helps to give accurate feedback and help teams determine if they hit their marketing goals.
Managers can plan out objectives and investment schedules to steer marketing departments down the right path to long term success. The investment mix chart breaks down funds into visible categories to help you see exactly where the money is going, while the forecasting tool keeps track of spending and lets you know if a budget increase will be needed down the road.
Contact Allocadia for a free demo and price estimate.
When it comes to creating a dependable budget your business can stick to, it is vital to accurately plan things out ahead of time. Data visualization is highly effective for improving comprehension, so turning your budgeting plan into graphs and charts can help your team understand expectations for your marketing campaign before it begins.
Smartsheet offers twelve different templates that are designed specifically for marketing budgets. Each sheet has a specific purpose and design based on your business model, from pie charts to itemized categorization. There are even templates for specific event budgeting, content marketing, social media, and PR, with suggested classifications for a more accurate budget breakdown.
And the best part? These templates are totally free.
No matter how much you may trust your team members, there are some unfortunate statistics when it comes to reimbursements that could cause you to go over your budget unexpectedly. Businesses lose an average of $26,000 per year on fraudulent expense reports, many of which come from employee travel reimbursements. Without proper expense tracking tools, it makes it difficult for to accurately track spending and compensations.
Some events or client meetings may require your team members to leave the office, especially for last minute occasions. MileIQ is an app designed to make travel spending easier to report for both workers and managers. The IRS sets a standard mileage and vehicle depreciation, but the rates can vary based on state and business purpose. MileIQ keeps these rates up-to-date and tracks every trip automatically, so the only thing users need to do is classifying it after they are completed. The reports are generated automatically, with accurate reimbursement rates and mileage tracking so managers can be sure they are refunded fairly.
Going over budget can cause major headaches and stress, especially when campaigns aren’t anywhere near completion. Proper planning can certainly help, but having the right tools to ensure your marketing strategy’s success can truly make all the difference.
Tracy Vides is a writer, researcher, and content strategist, who firmly believes in the power of communication, collaboration and social media to leverage small business! She is an avid blogger with posts featured on Tweak Your Biz, Tech Cocktail, She Owns It, and elsewhere. Hit her up on Twitter @TracyVides!