16 Jul B is for… Budget
Your A–Z of marketing essentials – B is for BUDGET
How to create a marketing budget you can follow, plus free template download
When it comes to your marketing budget, it is essential to understand what is being spent against each tactic being used.
Matching the number of enquiries and new customers back against their enquiry source will then allow you to work which are the best performing tactics and which to either tweak or drop.
First off, you will need to have developed your marketing plan so that you know where you are going. If you need to write this, you can take a look at our How to write a winning marketing plan blog to help get you started.
By planning out your costs you will be able to get a clear overview of all your planned marketing activity such as, website, content, online advertising, offline advertising, email marketing, printing, networking etc. and help you stick to your marketing plan.
Keep track, scale up
The overall marketing budget should align with your marketing goals. Once you are aware of what has been allocated to the marketing department in your business you can start portioning out the budget according to your plan.
By keeping track of your spend you will be able to identify which elements have the best return on investment and scale them up.
To help you get started with your marketing budget we have created a downloadable marketing budget template that can be customised and populated for your business.