BUDGETING FOR MARKETING
A marketing plan is a detailed roadmap that outlines your marketing strategies, tactics, costs and projected results over a period of time. Your marketing plan and budget keeps your entire team focused on specific goals – it’s a critical resource for your entire company.
Some statistics have shown that up to 85% of small- to mid-size companies operate from a budget only — without a written plan to accompany it. This explains why so many marketers are tactically focused – they’re figuring out how to spend a defined budget, instead of thinking about goals and strategies.
How to Set a Marketing Budget for Your Small Business:
- Step 1: Look at the Big Picture. A marketing budget is essential for your small business at any stage.
- Step 2: Outline Your Sales Funnel.
- Step 3: List Your Operational Costs.
- Step 4: Set Goals.
- Step 5: Scope Out the Competition.
- Step 6: Create Your Marketing Plan.