{"id":1762,"date":"2022-05-05T21:27:48","date_gmt":"2022-05-05T21:27:48","guid":{"rendered":"http:\/\/velocity-group.com\/juice\/how-to-manage-your-advertising-budget\/"},"modified":"2022-11-01T16:55:12","modified_gmt":"2022-11-01T16:55:12","slug":"how-to-manage-your-advertising-budget","status":"publish","type":"post","link":"https:\/\/www.velocity-group.com\/capital\/how-to-manage-your-advertising-budget\/","title":{"rendered":"How To Manage Your Advertising Budget"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"1762\" class=\"elementor elementor-1762\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"ob-is-breaking-bad elementor-section elementor-top-section elementor-element elementor-element-1cbc53c6 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1cbc53c6\" data-element_type=\"section\" data-settings=\"{&quot;_ob_bbad_use_it&quot;:&quot;yes&quot;,&quot;_ob_bbad_sssic_use&quot;:&quot;no&quot;,&quot;_ob_glider_is_slider&quot;:&quot;no&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7e3cce5f\" data-id=\"7e3cce5f\" data-element_type=\"column\" data-settings=\"{&quot;_ob_bbad_is_stalker&quot;:&quot;no&quot;,&quot;_ob_teleporter_use&quot;:false,&quot;_ob_column_hoveranimator&quot;:&quot;no&quot;,&quot;_ob_column_has_pseudo&quot;:&quot;no&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-675d27ce ob-harakiri-inherit ob-has-background-overlay elementor-widget elementor-widget-text-editor\" data-id=\"675d27ce\" data-element_type=\"widget\" data-settings=\"{&quot;_ob_use_harakiri&quot;:&quot;yes&quot;,&quot;_ob_harakiri_writing_mode&quot;:&quot;inherit&quot;,&quot;_ob_postman_use&quot;:&quot;no&quot;,&quot;_ob_perspektive_use&quot;:&quot;no&quot;,&quot;_ob_poopart_use&quot;:&quot;yes&quot;,&quot;_ob_shadough_use&quot;:&quot;no&quot;,&quot;_ob_allow_hoveranimator&quot;:&quot;no&quot;,&quot;_ob_widget_stalker_use&quot;:&quot;no&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.19.0 - 28-02-2024 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<!-- wp:html -->\n<p>When it comes to advertising, many companies often end up throwing money away as the engagement and click-through rate levels they\u2019re receiving from their paid campaigns become stale and reduce.<\/p>\n<p>Fortunately for you, as a marketer or entrepreneur who may be looking to get the most return on investment from their marketing budget, this blog shares some insightful strategies that can be effective when it comes to increasing the performance of future advertising campaigns.<\/p>\n<p>There are 5 key areas you should consider when managing your advertising budget:<\/p>\n<ol>\n<li>Advertising Strategy<\/li>\n<li>Campaign Goals<\/li>\n<li>Using a Budget Template<\/li>\n<li>Tracking Expenses<\/li>\n<li>Media Selection<\/li>\n<\/ol>\n<figure id=\"attachment_4083\" aria-describedby=\"caption-attachment-4083\" style=\"width: 810px\" class=\"wp-caption aligncenter\"><img fetchpriority=\"high\" decoding=\"async\" class=\"wp-image-4083 size-full\" src=\"https:\/\/www.velocity-group.com\/capital\/wp-content\/uploads\/2022\/11\/How-to-Manage-your-Advertising-Budget.jpg\" alt=\"managing an advertising budget\" width=\"810\" height=\"450\" srcset=\"https:\/\/www.velocity-group.com\/capital\/wp-content\/uploads\/2022\/11\/How-to-Manage-your-Advertising-Budget.jpg 810w, https:\/\/www.velocity-group.com\/capital\/wp-content\/uploads\/2022\/11\/How-to-Manage-your-Advertising-Budget-300x167.jpg 300w, https:\/\/www.velocity-group.com\/capital\/wp-content\/uploads\/2022\/11\/How-to-Manage-your-Advertising-Budget-768x427.jpg 768w\" sizes=\"(max-width: 810px) 100vw, 810px\" \/><figcaption id=\"caption-attachment-4083\" class=\"wp-caption-text\">On paper, on a document or on a spreadsheet &#8211; either way, ensure your budget is viewable by your whole team.<\/figcaption><\/figure>\n<p>Below are those 5 key areas broken down so you can identify which are most relevant to your business and your advertising strategy.<\/p>\n<h2><strong>1. Advertising Strategy<\/strong><\/h2>\n<p>Without recognising the right strategies to suit their operations, many organizations try every tactic they know about and assume that return on ad spend will come. Instead, developing a solid and effective strategy of advertising based on the most suitable platform for their company will allow the organization to invest effectively.<\/p>\n<p>For a company it may be more suitable to invest in blogging and digital content; for another company, it might be more suitable to invest in targeted and paid social media ads or <a href=\"https:\/\/velocity-group.com\/juice\/is-tv-advertising-dead\/\">TV advertising<\/a>. This should be decided by a whole team, and collectively a call should be made about the best allocation of budget and investment of time, finances, and energy.<\/p>\n<h3>Split Testing<\/h3>\n<p>Split testing, otherwise known as A\/B testing can remove the guess work from your advertising strategy and help return return on investment from your marketing budget.<\/p>\n<p>Split testing is where two landing pages are tested against each other, the same ad, the same ad budget but with two different landing pages. After a set period of time, <a href=\"https:\/\/velocity-group.com\/juice\/how-to-measure-your-digital-advertising\/\">measure the conversion rate<\/a> on those pages and prioritise the page which offers the best return.<\/p>\n<p>Equally this can be used with strap lines, ad creative and more to make the most out of your advertising budget. Demonstrating extensive split testing will also support in preparing for series A investment, as you&#8217;ll be equipped with what ad creative and landing pages convert best.<\/p>\n<h2><strong>2. Campaign Goals<\/strong><\/h2>\n<p>To manage your advertising budget, the focus should be made on one or two campaigns at a time. Your goals for these campaigns should be defined and based solely around what your company seeks to get out of each campaign.<\/p>\n<figure id=\"attachment_4082\" aria-describedby=\"caption-attachment-4082\" style=\"width: 810px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"wp-image-4082 size-full\" src=\"https:\/\/www.velocity-group.com\/capital\/wp-content\/uploads\/2022\/11\/How-to-Manage-your-Advertising-Budget-2.jpg\" alt=\"managing advertising budget with goals\" width=\"810\" height=\"450\" srcset=\"https:\/\/www.velocity-group.com\/capital\/wp-content\/uploads\/2022\/11\/How-to-Manage-your-Advertising-Budget-2.jpg 810w, https:\/\/www.velocity-group.com\/capital\/wp-content\/uploads\/2022\/11\/How-to-Manage-your-Advertising-Budget-2-300x167.jpg 300w, https:\/\/www.velocity-group.com\/capital\/wp-content\/uploads\/2022\/11\/How-to-Manage-your-Advertising-Budget-2-768x427.jpg 768w\" sizes=\"(max-width: 810px) 100vw, 810px\" \/><figcaption id=\"caption-attachment-4082\" class=\"wp-caption-text\">Prepare to be agile and adapt as your key performance indicators change.<\/figcaption><\/figure>\n<p>Set the right target audience for your campaign and decide the ways in which your campaign will reach them. Also, define your success parameters. By the end of your campaign, assess if each goal has been achieved.<\/p>\n<p>Measuring and bench-marking these goals is a great way to manage your ad spend but also make sure you\u2019re not wasting capital or time.<\/p>\n<h2><strong>3. Using a Budget Template<\/strong><\/h2>\n<p>Another effective way of managing your advertising budget is to <a href=\"https:\/\/templates.office.com\/en-gb\/budgets\">use a budget template<\/a>. Depending on the size of your budget and needs, one can find many various options of templates to try out and see what works best.<\/p>\n<p>Once you have found the right budget template, continue to regularly visit and keep it updated.<\/p>\n<h2><strong>4. Tracking Expenses<\/strong><\/h2>\n<p>To better understand the spending patterns of your organisation and return on investment, all marketing expenses, including those allocated to your advertising campaigns should be reviewed.<\/p>\n<p>However, keep in mind that if several people have access to company cards for the purpose of advertisement expenses things might become difficult to manage for you and your team.<\/p>\n<p>To avoid such tricky situations, you should choose an appropriate financial tool to track your advertisement budget or expenses accurately, which is easily accessible to your whole marketing team.<\/p>\n<p>A number of applications and programs can be used, that are easy to use for employees for making invoices of expenses that can be viewed and approved by the senior management further.<\/p>\n<h2><strong>5. Media Selection<\/strong><\/h2>\n<p>If you focus on a media-based strategy for your business, then it should be carefully determined which media type is most suitable for your audience. Not every type of media is suitable to cater to your target demographic.<\/p>\n<figure id=\"attachment_4084\" aria-describedby=\"caption-attachment-4084\" style=\"width: 810px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"wp-image-4084 size-full\" src=\"https:\/\/www.velocity-group.com\/capital\/wp-content\/uploads\/2022\/11\/How-to-Manage-your-Advertising-Budget-1.jpg\" alt=\"managing advertising budget with media selection\" width=\"810\" height=\"450\" srcset=\"https:\/\/www.velocity-group.com\/capital\/wp-content\/uploads\/2022\/11\/How-to-Manage-your-Advertising-Budget-1.jpg 810w, https:\/\/www.velocity-group.com\/capital\/wp-content\/uploads\/2022\/11\/How-to-Manage-your-Advertising-Budget-1-300x167.jpg 300w, https:\/\/www.velocity-group.com\/capital\/wp-content\/uploads\/2022\/11\/How-to-Manage-your-Advertising-Budget-1-768x427.jpg 768w\" sizes=\"(max-width: 810px) 100vw, 810px\" \/><figcaption id=\"caption-attachment-4084\" class=\"wp-caption-text\">If you think a specific media type will work, test it. You can always change strategy down the road.<\/figcaption><\/figure>\n<p>For instance, <a href=\"https:\/\/velocity-group.com\/juice\/how-to-measure-tv-advertising-roi\/\">TV advertising<\/a> is used for targeting a large audience and generating awareness. However to engage your audience, one can find social media to be more appropriate.<\/p>\n<p>All these factors are important for managing the advertising budget in an effective long-term way.<\/p>\n<p>\u2013<\/p>\n<h4>Looking for investment?<\/h4>\n<p>At Velocity Capital, we invest in digital-first direct to consumer companies with unstoppable founders. Does this sound like you? Get in\u00a0<a href=\"https:\/\/www.velocity-group.com\/capital\/contact\/\">contact<\/a>\u00a0with us to find out how we can provide early stage capital funding to your business, and view our\u00a0<a href=\"https:\/\/www.velocity-group.com\/capital\/investments\/\">current investments<\/a>\u00a0to see who we\u2019ve worked with so far.<\/p>\n<h4>Looking to invest?<\/h4>\n<p>We are also <a href=\"https:\/\/www.velocity-group.com\/capital\/eis-technology-fund-5\/\">EIS fund managers<\/a> and <a href=\"https:\/\/www.velocity-group.com\/capital\/seis-technology-fund-4\/\">SEIS fund managers<\/a> based in London. If you&#8217;re looking to invest in emerging tech startups, do get in <a href=\"https:\/\/www.velocity-group.com\/capital\/contact\/\">contact with our team<\/a>.<\/p>\n<!-- \/wp:html -->\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>When it comes to advertising, many companies seem to throw money away as the engagement levels they\u2019re receiving from their paid campaigns are so low. Fortunately, for you, as an marketer or entrepreneur who may be on a tight budget, this blog shares some insightful strategies that can be effective when it comes to increasing the performance of future campaigns:Advertising strategy:Without recognising the right strategies to suit their operations, many organizations try every tactic they know about and assume that return on ad spend will come. Instead, developing a solid and effective strategy of advertising based on the most suitable platform for their company will allow the organization to invest effectively. For a company it may be more suitable to invest in blogging and digital content; for another company, it might be more suitable to invest in targeted and paid social media ads. This should be decided by a whole team, and collectively a call should be made about the best allocation of budget and investment of time, finances, and\u00a0energy.Campaign goals:To manage your advertising budget, the focus should be made on one or two campaigns at a time. Your goals for these campaigns should be defined and based solely around what they company seeks to get out of each campaign. Set the right target audience for your campaign and decide the ways in which your campaign will reach them. Also, define your success parameters. By the end of your campaign, assess if each goal has been achieved.A great way manage your ad spend but also make sure you\u2019re not wasting money or\u00a0timeUsing budget template:Another suitable way of managing your budget is to go for a budget template. Depending on the size of your budget and needs, one can find so many various options of templates to try out and see what works best. Once you have found the right budget template, continue to regularly visit and keep it\u00a0updated.Tracking the expenses:To better understand the spending patterns of your organisation and return on investment, all marketing expenses, including those allocated to your advertising campaigns should be reviewed. However, keep in mind that if several people have access to company cards for the purpose of advertisement expenses things might get complicated for you. To avoid such tricky situations, you should choose an appropriate financial tool to track your advertisement budget or expenses accurately, which is easily accessible to your whole marketing team. A number of applications and programs can be used, that are easy to use for employees for making invoices of expenses that can be viewed and approved by the senior management further.Selection of\u00a0media:If you focus on a media-based strategy for your business, then it should be carefully determined which media type is most suitable for your audience. Not every type of media is suitable to cater to your decision. For instance, television is used for targeting a large audience but for the engaging audience, one can also found social media more appropriate.All these factors are important for managing the advertising budget in a good\u00a0way.<\/p>\n","protected":false},"author":9,"featured_media":1408,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-global-header-display":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","footnotes":""},"categories":[8,7],"tags":[],"class_list":["post-1762","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-marketing"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Managing Your Advertising Budget | 5 Step Guide | Velocity UK<\/title>\n<meta name=\"description\" content=\"Managing all the various factors that go into an advertising budget is not simple. 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