Creating a Marketing Budget for more Profit
Creating a marketing budget? What type of business do you run? Marketing is one of the most important activities of any business. Many organizations are so focused on how to get the next big client that they lose sight of the long range goals, and benchmarks on how to get there for their enterprise.
Chief Financial Officers (CFOs) play a key role in running a business. They manage the risks for the company and sometimes marketing budgets are sacrificed. However, strategic marketing builds business. The saying is true: You need to spend money to make money. Creating a marketing budget can help you achieve this.
Even successful companies could benefit from adding more strategically planned activities to their corporate plan. Creating a marketing budget can add more value to a brand and help generate quality leads for more sales. Brand, website and content management are vital for a company to succeed.
If your company is growing and you want to reach the next level, creating a marketing budget that fits your brand and corporate goals will help you get there in a systematic and fiscally responsible way. The first step is to research and develop a marketing plan that outlines your business, industry, competitors, and to define future goals and opportunities. Creating a marketing budget that fits your business will be easy once this step is complete.
5 Ways to Start Creating a Marketing Budget:
- Develop a marketing plan.
Outline your business and corporate goals, be specific, both short and long term.
- Define at what stage your product or service is.
If it’s new, more investment should be made to raise awareness.
- Figure out if you want to address the same areas as your competitors.
If so, research to find out their activities.
- Review your revenue, net sales (not gross sales), and market share.
If you’re a small business, you could seek to spend anywhere from 5-20% of your net sales. Depending on your industry and other factors, you may need to adjust this number.
- Realize what marketing includes.
Marketing activities can range from market researching, updating or adding enriched content to your website, setting up and contributing to social media networks, creating and executing marketing plans, planning and/or attending industry trade shows, training you and your staff, branding and other sales related activities.
- Know your limits.
You are an expert at your business and can offer valuable information for creating a marketing budget. However, if you do not have an experienced marketer on staff, hire a professional consultant who can develop a customized plan specific to your needs. Professional marketers understand how to use marketing to leverage sales, and can establish measurable benchmarks to ensure success.
Be profitable in your marketing.
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