Use it or lose it marketing budget: It’s not over til the ball drops

The clock is ticking on 2019 and there are a few things that should be top-of-mind within your organization. If you’re not strategizing about how to use what’s left of your 2019 budget, start redirecting your awareness now.

We get it, strategizing around budget might not be your favorite meeting to rally. There’s a chance you’re unsure of the smartest and most impactful way to invest those dollars. There’s a genuine sense of urgency, though. If you leave money in your budget on the table, you risk having your budget reduced for 2020 because, hey – you didn’t need it.

But you do need it, so let’s talk about how to use it rather than lose it.

Starting to make a plan is simple, look at what you’ve actually got. Get clear on what you have left to spend.

Then, ask yourselves where those funds would have the biggest ROI as you make the final push. Don’t be afraid to think ahead, though. This doesn’t mean that the best usage of those funds is in 2019. The smartest way to spend might be for a 2020 initiative, but you can make the payment now.

For the end of 2019, the name of the game is to maximize. Now is the time to check back in with the vendor relationships you resourced this year and see what specialty programs they have to offer that could make a bang out of your buck. Capitalize on the fact that everyone has a quota to meet and every company wants that last bit of growth spurt that places their year-end higher than the previous year.

We see a lot of Credit Unions encounter some common pitfalls when it comes to the year-end budget. Here’s what to be careful and aware of:

Don’t leave funds on the table. This tells the C-Suite that you may not need as high of a marketing budget next year and you risk having your resources slashed. Because let’s be honest, marketing is always the first thing to go – so let’s not provide more ammunition.

Be smart about your investments. Don’t spend your remaining budget on purchases like promotional items when it could be spent on getting you a pre-pay discount on print, design, or strategy, or used to build a foundation for your 2020 marketing (i.e. turnkey data platform) – something that will actually give you a return on your investment or set you up with tools and future resources for years to come.

Stay focused. It’s easy to get lazy in the home stretch. Fire up those engines and do some research. Data is a phenomenal place to invest your budget so that you can make informed choices and build strategies from that priceless insight. Use what you have left – time, money, energy – to arm yourself with knowledge. Consider spending unused marketing dollars on building/obtaining a Member Insights Report to summarize your members wants needs and behavioral trends. Or perhaps you can utilize funds to develop a member journey map or conduct a consumer segment analysis.

Bottom line – it’s not over till the ball drops. Rally your team, put your heads together, and approach the rest of 2019 + budget with the same enthusiasm as when the year is new.

Hilary Reed

Hilary Reed

Hilary Reed, founder of EmpowerFi, is an innovative thought-leader who has been involved in various aspects of strategic sales and marketing for 15 years. Her career began in 2000 when ... Web: www.empowerfi.org Details