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Design Budget

Now that we’ve all had a moment to catch our breath from the mad dash to the finish line that is the end of financial year, it’s time to start planning the year ahead and get onto allocating your design budget (cue coffee). Here are a few things to consider as you sit down to tackle that mega spreadsheet again this year:

1. Set your goals.

Perhaps you are wanting to build brand awareness, increase your customer base by a certain percentage or reach out to your current customers and grow their loyalty. Whatever your target is, now is the time to make it clear. After all, how can you set a budget if you don’t know what it needs to cover?

2. Revisit your past.

It’s the opportune time to analyse the year that has just been and decipher which strategies and campaigns were the most effective and why. Think about what worked and what could have been better executed. Cut the fat and allocate money towards tried and tested avenues but also set a little aside for trying something new.

3. Scope out your competition.

Now we’re not suggesting you should be outright copying your arch nemesis, but you should definitely be aware of what they are doing and what is (or isn’t) working for them. Perhaps they are all over social media or bombarding their customers with daily eNewsletters? Perhaps they have recently refreshed their website or updated their catalogue design. It’s easy to spy on your competitors and get the inside scoop, so use this knowledge to make informed decisions for your business. If something is working for them, make it work for you… only do it better!

4. Invest in greatness.

What you spend and where you spend it will depend on what you’re trying to accomplish but always ensure you continue to invest in your branding. Branding is the art of defining who you are while creating value, trust, and credibility and is not a responsibility that should be passed off to the lowest bidder. Customers expect larger companies to be consistent and professional across all branding and therefore budgeting in the appropriate creative support to your yearly plan is key to making your year a success. Like in any industry, you get what you pay for and if it’s greatness you want, then budget accordingly and await the return on your investment.

If you would like some help making design an integral part of your business and how to allocate an appropriate design budget to your branding, give us a call on 07 3367 0394 or drop us an email.

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