Budget Management
Marketing Budget Management
Your company should have a formal marketing budget to help you achieve both your marketing and business goals for the year ahead. This can be in the form of an annual budget, or a project-by-project budget but it ties in with thorough Project Management.
Every marketing campaign should be measurable and trackable. You should know that by spending £ X you generated Y number of leads, otherwise Marketing ends up being guesswork.
To create a goals-driven marketing budget, you should nail down an accurate cost for acquiring a new customer and then multiply this by how many new customers you want to attract by that year’s marketing activities. This will give you a rough marketing budget.
However, it’s not as simple as that. A proper marketing budget should categorise different types of spend, whether they are on paid search, social, videography, photography, events, print advertising, software, subscriptions, and agency costs.
At Ascend Marketing, we offer a wide range of Marketing Budget support and we can help you track and analyse your spending while helping you get the best bang for your buck!
A Marketing Budget should include the following information:
Categorisation of every individual cost
Month-by-month projected spending
Reconciled spending for tracking purposes
Chosen marketing channels
Marketing goals for the year ahead
Reference to your Marketing Strategy
