Setting a Marketing Budget

February 19, 2021

We all know the important role marketing can play in your business, and this is definitely something that you need to work on as much as possible. In order to have the best possible marketing strategy, it requires you to be able to budget effectively for this. Setting a marketing budget can be complicated, but it is also necessary to ensure you get the best possible outcome from this. We can help take charge of this for you, and come up with a budget breakdown that is going to allow you to optimise your marketing strategy at the most affordable price.

Being able to set an accurate budget for your small business marketing used to be based on guesswork, but now there are more resources than ever available that you can use to give you as more accurate idea of what will help you set the right budget to get the best outcome for your business. Try to think about the best possible ideas that will allow you to improve this process and come up with a stunning marketing budget. Working with an impressive digital marketing in Kent is going to help you when it comes to making the most of this right now, and these are some of the things you need to know about setting a marketing budget.

View it as an Investment

Marketing is a definite investment and you should treat it as such. Choosing the strategies that have the best ROI is one of the best things you can do to get the best results from your marketing, and sometimes this means spending a little more. Sourcing the average marketing spend for specific industries is a good place to begin, with 5-15% of revenue seeming like a good starting point. Making a sensible investment now is something that will pay dividends in the future, so you need to take the time to get this sorted.

Map Out a Sales Funnel

Understanding your sales funnel is a great way of being able to generate and develop a successful marketing budget. And this may well require you to take a deep dive into your sales funnel, which allows you to track results and outcomes, and this allows you to harvest key marketing data, such as site visits and lead generation figures. Your sales funnel is something you need to utilise as much as possible, and close to 70% of companies have made no effort to measure their sales funnel, and this puts you at an advantage over them.

What are Your Operational Costs?

One of the things that you need to get right is making sure you know your operational cost, and you can create a spreadsheet that will help you identify and keep track of this as much as possible. Knowing what costs you're going to be facing can go a long way towards helping you come up with a marketing budget, and these costs will show you a realistic budget you have leftover to dedicate to your marketing, as well as showing you areas you might be able to cut costs right now.

These are just some of the key factors you have to keep in mind when you are looking at developing and creating the perfect small business marketing plan. There are loads of different ideas and elements that you can work on right now, and it is something that you need to prioritise. If you're serious about creating the best possible budget, then you need to come up with ideas that will allow you to maximise the impact of your marketing, as well as being able to get the best value for money. As a popular and experienced Kent digital agency, we can come up with ways of helping you get the best possible budget for your marketing moving forward.

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