Setting marketing budgets in uncertain times
Setting marketing budgets in uncertain times

By on in Agency Life & Leadership

Setting marketing budgets in uncertain times

Loss aversion explains that we feel the pain of loss more acutely than we feel the joys of gain. We as a species are risk-averse, and we see that in the business decisions we make.

When COVID hit, many leaders hit the pause button—particularly on those line items, like marketing, that fell outside the business’s core offering or operations related to them. The intention may have been to wait until the smoke cleared and things returned to normal.

But at this point, we’ve been waiting for nearly two years and the end of COVID is still not in sight. I don’t say that to bring you down, but rather, to hype you up.

There’s no point in holding out for calmer times to make bold investments in your marketing. After all, if it’s not a pandemic, there’s always something: industry disruption, shake-ups within your own organization, new regulations like GDPR that change the digital landscape.

The search for certainty is about as fruitful as Don Quixote’s quest. So in 2022, we encourage you to move bravely into the unknown. Here are some ways we suggest you confidently invest in your marketing in the new year.


There’s no point in holding out for calmer times to make bold investments in your marketing. After all, if it’s not a pandemic, there’s always something: industry disruption, shake-ups within your own organization, new regulations like GDPR that change the digital landscape.

Reserve first-class advertising space with Q4 funds

For those who have held onto 2021 funds, Q4 is looming large. Many organizations have “use it or lose it” annual budgets, and leaders are now staring down a sizeable chunk of change that must be spent in the next few months.

Fortunately, there are some advanced purchases you can make now, with 2021 funds, to set you off on the right foot in the new year.

Ad inventory is one of those investments. I’m not just talking about programmatic. Do you have a game plan for buying ads with publishers and event sponsorship?

This kind of ad buying is a little like reserving airline seats. Things are low-cost when there’s excess inventory, but once the cabin begins to fill up, prices skyrocket. Now is the time to lock into publishing and event advertising for 2022.

Yes, the world remains uncertain. Will the event be in person or virtual? Who knows? But if you commit to sponsorship now, you will be certain to reach those attendees regardless of the format.

Plus, there’s comfort in knowing we’re all going through the same uncertainty. Event hosts are in the exact same boat, and the last thing they want to do is anger someone who signs on as an early sponsor. Instead, they want to keep their ride-or-dies happy, so if you commit now, you’ll have room for open and honest conversations about any concerns later if the world gets turned further upside down.

 

Consider the content calendar

Come rain or shine, sleet or snow, the need for a content calendar is a constant in our digital world. You will be putting out some kind of digital content in 2022, so why not start sketching that out now?

First, give some thought to whether you want to stick with your existing channels or mix things up. Is it time to create your official TikTok account? Maybe!

Take a look at how your current content and channels are performing. Revisit your customer personas to see if anything’s shifted there. Take note of industry trends to make sure you’re not missing out on a content channel or tactic that’s getting real traction among competitors.

Then, talk to your agency partner about getting a jump on calendaring. You can even begin to tackle some of the holes in your evergreen content right now, with a plan to share that content in 2022.

 

Reinvest in tech

Another area of constant change is technology. There’s always a new regulatory requirement, operating system, or consumer preference to consider.

Apple’s MPP will affect the way marketers track email metrics; you’ll need workarounds to understand campaign performance. New operating systems often necessitate updates to your apps.

Privacy remains a major concern with consumers, so we can expect more laws focused on protecting consumer data to go into effect.

Plus, as tech giants like Amazon, Apple, and Google continue to innovate, consumer expectations shift—and even the most technophobic companies are expected to meet the new, higher bar.

With all of these moving parts to consider, one thing that is certain is that your marketing tech will need a tune-up in 2022. Set aside for inevitable investments in your tech. And remember, sometimes tech builds are like home renovations: You open up the walls and find something scary back there that needs attention.

Our team has been in situations where we go into an app to fix one issue caused by an OS update and find that it’s damaged some other things in the backend. Why not prepare for these unexpected surprises by setting aside some extra room in the budget now?

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Uncertainty, as uncomfortable as it can be at times, is a fact of life. Many of us have felt hamstrung by the swift and dramatic changes caused by COVID, but now’s the time to wrest back some control from the universe.

Vaccines, mask usage, and global health policies are not in your control. But your marketing budget and how you structure it to account for uncertainty is. Now’s the perfect time to start creating structure around your 2022 marketing plans.

Need some help wrapping your head around your 2022 marketing strategy and budget? We don’t have a crystal ball, but we do have the expertise to get you closer to certainty. Let’s talk!