Written by The Melotti Content Media Team, checked by Christopher Melotti
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It’s that time again!
In Australia, the End Of Financial Year hits at the end 30th June. While this means many different things to different businesses, tax agents, financial firms and company departments, EOFY time for Marketers usually brings with it three concerns:
- Did I complete every marketing initiative for this current year’s marketing budget?
- Did I spend all of this financial year’s marketing budget?
- What marketing budget do I need for the next 12 months?
I remember it all too well from my Corporate Marketing decade in big business!
So, what should marketers do at the end of each Financial Year?
Here are my EOFY marketing budget tips to help you be more prepared, as well some guidance around what you can do in the new financial year.
1. Tick off items from your current year’s Marketing Plan
With your current FY budget, you’ll also have 12 months of marketing campaigns, executions and tasks aligned alongside it. So, with the financial year coming to a close, it’s time to regroup, recalibrate and reassess your position.
First, ask yourself:
- Have I achieved all of my marketing goals this financial year?
- Have I ticked all the boxes in this year’s marketing projects checklist?
- Am I running out of time as the EOFY is just a few weeks away?
From here, you can look at your corresponding marketing budget.
2. Compare your marketing plan to your FY marketing budget
After you’ve looked at your marketing plan, now it’s time to review your progress in comparison to your budget.
Ok, so now ask yourself:
- Have I overspent my marketing budget and not completed all marketing initiatives?
- Have I underspent my marketing budget and not completed all marketing initiatives?
- Have I overspent my marketing budget but still completed all marketing initiatives?
- Have I underspent my marketing budget but still completed all marketing initiatives?
3. If you haven’t completed your marketing initiatives…
Ok, don’t stress yet! How long do you have left of this Financial Year? It’s time to close those last tasks if you can – you’ve got this.
Map out a plan of action, a time frame and what final steps are required. Can you get these final projects done by yourself or your team? If not, it’s time to outsource marketing projects to complete them before the financial year ends.
If you have some marketing budget remaining, then contact us at Melotti Content Media.
We can help you complete any content marketing, copywriting and strategic marketing projects for you so you can both spend your marketing budget for this financial year and still get your projects underway. This way, you can justify your use of the remaining marketing budget and ensure that all marketing initiatives are in progress, despite the EOFY timeframe.
However, if you don’t have any remaining marketing budget left this EOFY and you still have projects outstanding, then it’s time to rethink your marketing approach and marketing plan this coming Financial Year.
At Melotti Content Media, we can perform a strategic marketing audit and discuss your marketing plan going forward.
Learn how Melotti Media can help you achieve your EOFY Marketing projects.
4. If you’ve completed all of your marketing initiatives…
Well done! Congratulations!
It’s now time to plan out your next marketing initiatives for the next financial year. However, how you spend this year’s marketing budget will often determine how much budget you can request or get allocated in the new financial year.
If you overspent this financial year’s marketing budget, then it’s important to put a report together to justify the excess spending and to apply for a corresponding marketing budget in the next financial year.
However, if you’ve underspent your marketing budget, this leaves you in a tricky position as a Marketing Manager. You see, if you’ve already completed all of your planned marketing initiatives this financial year and you haven’t spent all of your budget, this often isn’t the advantage it may seem. This can actually work against you, as you may lose some budget for the next financial year because it may be deemed you need less funding over the next 12 months.
If this is the case, you can strategically plan ahead and proactively invest the final portions of your FY marketing budget in an upcoming initiative – such as a website rebuild, an advertising campaign or a rebrand messaging project.
At Melotti Content Media, we can help you plan your projects ahead of time and allocate leftover marketing budget from this financial year into larger projects. That way, you can pay before the end of June and undertake the project after July.
Some ideas include:
- Website content writing
- Content marketing projects
- Blog writing
- Brand messaging and development
- Capability Documents
Learn how Melotti Content Media can help you achieve your EOFY Marketing projects.
Preparing the next financial year’s marketing plan
While marketing departments aren’t under as much stress in a company as the financial team, it’s still a busy time for planning.
What’s on your list for the next 12-months?
If you need some assistance this EOFY, Melotti Content Media can help.
Do you need help completing your marketing projects before EOFY?
If you’re a Marketing Manager or marketing professional who still has a few projects to achieve before the end of the financial year, Melotti Content Media can help you.
Contact us today to discuss your projects and how we can support you with our content marketing and copywriting services this financial year.
Simply email us at enquire@melottimedia.com.au or phone 1800 M MEDIA (1800 663 342).
