Developing a marketing budget helps ensure your business has adequate capital to achieve your marketing goals.
1. Identify different target customers and the sales channel you will use to reach them
2. Add cost estimates by channel for:
One-time costs (sales booth, website design)
Monthly/annual expenses (advertising, travel)
3. Set your budget using one of the following strategies:
Percentage of sales: Determine what percentage of your sales dollars you’re willing to contribute to your marketing efforts.
Fixed dollar amount: Determine how much you’re willing to spend on marketing for each fiscal year. Allocate a percentage of this amount to the marketing strategies outlined in your marketing plan.
Goals-based budget: Review the goals outlined in your marketing plan and the estimated costs for each. Use this to determine your marketing budget for the year.
4. Review your marketing budget on a regular basis (at least annually, but quarterly is preferred). If you are spending too little or too much on marketing, or if your marketing dollars have shifted from one area to another over time, reassess spending to focus on the marketing expenditures that deliver the best return on investment.
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