How to Make a Marketing Budget in Pages

According to The CMO Survey, businesses that accumulate over 10 percent of their sales online allocate 13 percent of their budget to marketing, while businesses without internet sales allocated 10.6 of their budget to marketing. Marketing is such a critical area in a business that needs a proper marketing plan to successfully manage.

Whether you have a restaurant, fashion e-commerce, or other small businesses, keeping up with the trends, technology, and techniques should be part of your marketing budget since the competition in the marketing world is a never-ending battle. Check out some tips on how to create a simple yet effective marketing budget.

1. Identify Your Sales Funnel

How do you intend to reach out to your target market? These are your sales funnel --your marketing actions which help customers decide if they’re going to buy your product. Identifying your sales funnel will help you in developing an effective marketing budget.

2. Study Your Operational Costs

This is where the costs of labor and other operational activities come in. Study how much you will spend in order to deliver your marketing plans such as the delivery costs, labor costs, and employee benefit costs.

3. Align Your Marketing Budget With Your Business Goals

Your goals should be specific and achievable so you know what you need to prioritize in a quarter, a year, or in three years’ time. Ask yourself if how long would it take to achieve your goals so you can set an effective marketing budget.

4. Treat It as an Investment

Your marketing budget should not be considered as expenses. It’s your investment to gain more customers, increase sales, and grow your business. Also, it should not be on the last in the list of your expenses since it should be treated as an investment.

5. Know the Marketing Trends

Keep yourself updated on the new trends in the marketing world so you can set your marketing budget according to these trends. Consider combining different marketing strategies such as social media or printed marketing campaigns.

General FAQs

  • What is a marketing budget

  • What is the difference between the sales team budget and the marketing budget?

  • Is a marketing communication budget different from the marketing budget?

  • What are the different marketing strategies?

  • What is a ready-made marketing budget template?

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