Breaking down your budget: Categories and their purpose
Each line item in your budget should fall into one of the below-listed categories, but let’s take a look at why they are important. Please note that the bullets under the buckets below should give you an idea of your line items, not be the only line items in your buckets.
Your marketing tech stack:
Your tech stack budget should include technology and AI-empowered solutions that make your job easier.
Especially in the case of smaller, underdeveloped teams, or in the worst cases of one-man/woman shows, your tech stack and AI-empowered resources can make or break your ability to perform and deliver in a wide range of capacities.
If you are understaffed in your marketing department, having the ability to embrace AI or automation to ease your workload is a non-negotiable. Some of the line items you can expect to see in your tech stack bucket are:
- CRM
- Marketing automation
- AI empowerment (ChatGPT, Jasper, Grammarly, AirTable, etc.)
- Webinar platform
- Website management
Blocking for digital advertising
It is not a matter of IF you will need digital advertising, but WHEN.
With smaller budgets or operating inside companies that may have a lower ARR, this number may not amount to much, but something is better than nothing when you have an important announcement or thought leadership piece that is worthy of amplifying. Some of the mediums you can use are as follows, but make sure you prepare yourself for the unexpected ask to “push”:
The advantage of paid media / paid lead generation
There are times when we find ourselves in a situation where we are sitting on a collateral goldmine or untapped SME (subject matter expert) and do not have the organic reach to saturate that item or person’s expertise.
Know that you are not alone, but it’s always to your advantage to have funds available to tap into associations or media outlets, as they will help your lead generation and brand saturation go the extra mile. Here are the assets you’ll want to develop:
- Advertorials
- Webinars
- Ebook / asset placements
- Podcast
- Roundtables
The dirty three: Trade shows, events, sponsorships
Let it be known far and wide that here at CQ we believe that the trade show and event budget should be in the sales budget, not the marketing budget.
This goes back to the debate that started in the mesozoic era where sales wants lead generation and networking at trade shows more than marketing wants trade shows for brand saturation, but for the sake of this exercise we will digress and give you some bullets that will fill this bucket:
- National events / association trade shows
- State events / association trade shows
- Regional events / association trade shows
- Social events / dinners at the above listed
- Client / user events and dinners
- Swag and tchotchkes
- Branded apparel
Getting help quickly: Agency-managed services
We are biased, but here are two realities of agency-managed services:
- We are in an industry that necessitates accurate, targeted, thought-provoking content and content saturation
- Specialized agencies mobilize quicker and are generally less expensive than finding an FTE
I have been on fully stacked marketing teams in the past with a multitude of strengths and still found it necessary to outsource specialities to attain excellent ABM or targeted marketing campaign strategies.
The health tech, health IT, and life science arenas have become far too saturated for “good enough” marketing output to be acceptable. There is no shame in knowing where your weaknesses are and outsourcing those items to specialized agencies.
Here are the main areas we see the biggest need for outsourcing:
- Planning & Strategy (Marketing Plans, Market Strategy, M&A Marketing, Outsource Marketing Services)
- Branding (Brand Strategy and Messaging, PR, Web Dev, Visual Identity)
- Digital Marketing (SEO, Digital Advertising, Social Media, Video)
- Lead Gen & Nurture (ABM, Content Marketing, Marketing Automation, Trade Shows and Events)
If you are running into any issues as you are planning for 2025, know that our group specializes in health tech go-to-market plans, including budget creation and market saturation plans. My team is ready to assist, even if you need a sounding board to better understand the steps needed to bring your 2025 marketing plans to life. Until next time, good luck with your 2025.
