Marketing budgets can feel like a chore without a dedicated marketing team crunching the numbers, but every business needs one to succeed. Why?
Because every dollar spent differentiating your business from your competition can earn you five to ten dollars in revenue.
That’s how valuable having a marketing budget is, yet, most businesses find themselves marketing by the seat of their pants because budgeting is a challenge.
What’s The Challenge?
The time and resources required to develop an effective marketing budget are usually scarce, especially for small to mid-sized businesses. The budgeting process is more than just picking a dollar amount, choosing your marketing channels and then creating marketing pieces. It also has to account for research, personnel and tracking.
Before You Begin
It may be your first instinct, but marketing budgets should not begin with how much you are willing to spend. They begin with establishing who your target audience is and researching who can benefit from your product or service the most. Define what they look like, what they do for