How to get budget for content creation
Figuring out how to get budget for content creation is one of the biggest headaches marketing managers face today.
Content marketing has now entered the mainstream and businesses are reaping the rewards. That’s why the vast majority will increase their content creation budget over the coming year.
But, too many bosses are yet to get with the programme, either putting too little cash on the table, or – worse still – ignoring this opportunity altogether.
Today, we’ll explain why bosses continue to be stingy, and what you can do to get budget for content creation.
Why do marketing managers struggle to get budget for content creation?
Like us mere mortals, every boss is different. But, these are some of the most common reasons we hear for a lack of buy-in from the top brass:
- “The results are hard to decipher – it’s tricky to link a specific campaign/piece of content to a sale”
- “It can take weeks to take effect, and I want results now”
- “I don’t know what the total budget should be to maximise ROI, or whether it’ll need extending”
- “It’s all too woolly and creative”
- “I’m giving away valuable information to customers/competitors”
- “I’m still not sold on content marketing’s benefits – shouldn’t we just update the company news page?”
There are others, too. But, just like those listed above, they’ve all been well-and-truly debunked.
How to persuade your boss to loosen the purse strings
Now you understand the potential managerial mindset, here are some ideas you can try to get budget for content creation:
1) Set out the stats
Amplify your argument by using statistics to spell out the benefits. These are some of the most potent figures from recent research:
- Content marketing is expected to become a become a £238bn industry by the end of the year, so copywriters must be doing something right
- The vast majority of companies now leverage this technique (91% of B2B organisations and 86% of B2C businesses)
- On average, content marketing costs 62% less than outbound
marketing ,but generates three times more leads
Rigorously researched stats like these will beef-up your argument and help your boss understand the tangible benefits.
2) Show them you get what you pay for
Help your boss understand that the more they invest in content marketing, the more benefits they’ll gain.
On average, B2B businesses spend 26% of their marketing budget on content marketing, while B2C companies allocate 22%. However, the organisations most successful with content marketing tend to invest closer to 40% of their marketing budget.
Businesses with a mature, functioning content marketing strategy typically spend one-third of their marketing budget on content creation (Marketing Insider Group).
3) Establish a clear content strategy
Analyse your previous content marketing efforts to find out what pieces were successful and what aspects of this content helped it perform well.
Decide on the metrics you think best illustrate success, such as:
- Web traffic (unique visits/bounce rate etc.)
- Lead generation
- Revenue growth
Leverage these insights in tandem with any market research you’ve conducted to set out a clear content marketing strategy for future. Then, measure these efforts using the same metrics to demonstrate ROI.
4) Provide content marketing success stories
As with stats, success stories are a great way to get budget for content creation by showing real-world examples of the impact content marketing can have (both on businesses’ bottom lines and beyond).
Literally thousands of new campaigns go live each year. But, we recommend looking to winners from the Content Marketing Awards for inspiration.
Use these handy tips to get bosses fully on-board with content marketing and gain the resources you need to optimise your approach to content creation.