How much will this marketing initiative cost? This question is indicative of what is the biggest concern for most. Cost is important to all involved. Therefore, a budget will be a requirement before you start working on a marketing strategy.
However, money is only one of the resources needed when implementing a marketing project or new marketing plan.
4 Resources that is critical when you are aiming for success:
- Money: This is a major concern for all parties involved. Nobody has an unlimited source of funds, and working on a set budget can also limit your options. It is best to do a bit of research, first. There are lots or quality services and products that can help you create your marketing strategies, without breaking the bank
- Time: Time can be a difficult resource to manage. Time can also be seen as an alternate of money. If you have enough time to set aside to plan, create and produce an excellent marketing strategy, it will reduce costs on the project. The problem usually is that we mostly think we have enough time to complete the project, but in reality, we often don’t. Time is money, use it well.
- Expertise: This is also associated with the availability of time. When you use people from within your own workforce, their need to be a timetable for each part of the planning and the time that everyone involved needs to participate. Not everyone working on a marketing strategy is from the marketing department. It is good policy to use the expertise and talents of people from all areas in the company. You can save on costs and promote a good working atmosphere.
- Energy: To get people involved, will create energy. But when there are a lot of other influences, changes or overwhelming workloads, it will lower the energy. People may want to be involved, but do not have the time. In these circumstances, it will be better to outsource and consider buying services to help with marketing.
You should consider all four of these elements together and remember that all four links to the other. In order to be successful in marketing, you must work through all four before making decisions on how to implement your marketing plan.