Ah, fall is in the air with the beautiful foliage, endless football games, and the daunting, somewhat intimidating task of creating next year’s marketing budget for your company. Yes, you read that last one correctly, its budget season! But this doesn’t have to be an overwhelming chore, check out these tips to help you create the ideal marketing budget:
- Do your research – Have media or marketing costs increased since last year? What is the latest technological must-haves for promoting your projects? What are your competitors doing (or not doing)?
- Know your company’s business plan – What is the projected sales revenue next year? How much of that will be allocated to marketing efforts and various projects?
- Consult all departments – How might the plans of other departments impact your budget? (This happens often when team members aren’t sure where a budget item falls, it may be part of your marketing budget without you knowing it). How do your actual numbers verses budgeted numbers impact cash flow for the company?
- Monitor, Evaluate and Re-forecast – Once the budget has been approved, continue to monitor it every month or at least every quarter to make sure you’re on track. If you’re finding that a particular tactic isn’t driving leads or traffic – ditch it! Find another marketing approach that will bring you the results you need to meet your company’s objectives.
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