One of the most critical parts of
marketing is the budget, as that tells you how much money you have available to
spend. However, many marketers don’t know how to even begin creating one. To
help, here are three
simple tips:
1) Know your market
·
Who
is the target audience
·
Who
is the competition
·
How
is your product positioned
·
What
is your competitive advantage
·
Which
channels are preferred
·
Which
events are important
·
Etc
2) Know your sales funnel
·
How
many leads are generated per month
·
What
is the conversion rate
·
What
is the close rate
·
What
are the customer touch points
·
What
type of information is needed at each stage
·
In
what format
·
Etc
3) Know your operational costs
·
What
is the cost per new lead
·
What
is the average customer acquisition cost
·
What
is the cost of marketing activities being considered
·
What
are the associated labor costs
·
Etc
BONUS TIP: The above information is used to support the
marketing goals that should already have been developed. If they aren’t, do
that first.
By following these three simple tips, developing a marketing
budget will be much easier.
© 2020 – Richard Hatheway, Catalyst Strategic Marketing
All rights reserved
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