How to create a marketing budget.

Learn why marketing budgets are unique and how you can create an effective marketing plan.

Whether you sell a product or service, you need to market it. You can’t grow your business if potential customers aren’t aware of what you’re selling — but making a marketing budget can be more challenging than you might think. Read on to learn more about how to make a marketing budget that works.

Identify your sales funnel.

You must identify your sales funnel to create a successful marketing budget. It has four stages:

  1. Awareness: A potential customer starts looking for a solution to a problem.
  2. Consideration: They begin considering their options and become aware of your business.
  3. Decision: The potential client narrows their focus on companies most likely to solve the problem.
  4. Action: The potential customer chooses your business and becomes a paying customer.

When you know your sales funnel, you can target the most effective marketing channels.

Determine outside costs.

Next, calculate your external costs to determine how much you can spend on marketing. Account for things like operational costs, payroll, utilities, and anything else you must pay to keep your business running.

Set your goals.

Decide your specific business goals before committing to a marketing scheme. Don’t say “I want to increase sales,” instead say “I want to increase sales by 35% by the next fiscal year.”

Research the market.

Look at what your competitors are doing with their marketing plans. You can identify the big players in your field and even take advantage of gaps in their marketing.

Put your marketing plan together.

With all this, you should have an idea of where and how to allocate your marketing budget. It never hurts to ask for help from a marketing professional, though.

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