New Discussion: Planning Your Marketing Budget!

Budgets

While marketing budgets vary from company to company, the nation average is approximately six percent of revenues. The actual amount depends on the scope of your marketing and what you determine your return on investment should be. Now that you have a budget figure, how are you going to allocate those funds to get your best return for the money you spend.

* Develop realistic marketing goals and objectives.

* Develop your demographics.

* Do you want to increase sales, sales leads, or both?

* Do you want to increase your share of a particular market, or market segment?

* Dow do you want to allocate your marketing, advertising, and promotional funds.

* What media do want to use: Internet marketing, conventional marketing, TV, direct mail, etc.?

* Write down your budget objectives.

* Create a monthly budget.

* Execute the marketing plan.

* Develop a way to get feedback for your next year’s budget.

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About Nate Marks

We live and work in a world of visual images.
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One Response to New Discussion: Planning Your Marketing Budget!

  1. Mike Willett says:

    Now this is an important topic for discussion for most any business. The author asks several very pertinant questions, rarely asked but constantly needing consideration.

    So many companies these days, even during these tough times, skip the tough questions and give their marketing plans a knee-jerk reaction, then wonder why the results are lacking. The first on in line to be shot is the agency, when in all truty, the advertiser bares a huge responsibility here.

    It is vital that all marketing is approached with planning and forthought, not just based on a whim or a feeling marketing is needed, so do it. It has alway amazed me at the weakness of most marketing plans, and even more, the lack of any planning. A company really has no place to complain if they are not an extremely active part of the planning.

    An agency can be of great help, but without your imput and participation, don’t waste the money, and don’t expect much in the way of growth.

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