Why Marketing Budget?
Your marketing budget determines exactly how much money you've got to play with, and how specifically to spend it. Your finances could be a risky business. Being unaware of the capital available and getting used is how many firms go under. A business without a proper marketing budget and plan may find themselves unable to pay back costs, and owing firms money. It will fall back to potentially owing customers something that they currently cannot deliver. Employees, too, might lose out. no matter who is impacted by your poor planning, it's all equally as damaging. Your business can take a huge hit both in reputation and in financial standing.
A well-devised marketing budget will aid you with the planning process and will assist you to measure and manage the budget you got, ensuring each and every expenditure is appropriately considered.
- Industry and market research
- Competitor Analysis
- Marketing audit
- Internal marketing performance records
What should the marketing budget include?
Some marketing costs aren’t inherently obvious. anything that involves marketing to your customers should be enclosed in your marketing budget:
- Design and production resources
- Time and energy put into developing a campaign
- Expenditure of your marketing budget
Areas to be focused within your marketing budget include:
- SEO and content marketing
- Your website
- Email marketing
- Print advertising
- Social media
- PR and media
- Event marketing
- TV/ Radio
Although it's important to consider all of these, the main players should be your content marketing and SEO, your social media marketing, and your email automation strategy. Digital marketing is the golden ticket to increasing exposure and outreach, so these should be where your company prioritises their efforts. Your marketing budget and set up should include a pool of resources and time to devote to this.
