How To Set Up Your Budget for Marketing
How To Set Up Your Budget for Marketing
There comes a time when you have to decide on how much to spend on marketing. You need to sit down and come up with a budget. When you sit down to figure this out, make sure you have your sales from last year handy. This can be of great help. You should have a budget for everything you spend on your business, from utilities to marketing. Budgeting is the core of the business.
What is the age of your brand? If it is new you will need to set aside 30% of your forecasted sales. Just make sure you can finance this even if you do not meet your forecasted sales. If it's a brand that's already established than you figure on anything between 2-10% of sales.
What is your set objective? Are you looking at a massive or an incremental growth? When you set up your objective, make sure it's realistic.
What are other businesses spending on their marketing? You might have to match them but you have to be smarter then them. Put the money where it's going to get the most attention. You might have to do some homework on this. On the other hand if they don't spend a lot on marketing then you don't want a large budget. You have to keep in mind that not spending is not a way to savings. It does take money to make money. We all heard this before and it's true.
James Hickey
Master Business Consultant
Questions and Answers
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