Building Your Marketing Budget

There are two things any company needs to have in order to execute a successful marketing campaign. The first is a solid marketing plan, and the second is an ironclad budget that will help them execute that plan. Creating a budget isn’t fun, but taking the time to plan and prioritize will lead to a more successful marketing campaign.

First, you need to know what your sales goals are. Compare the marketing costs to the number of sales you’ll need to make in order to find your marketing cost per customer. This is how much money you’ll have to spend in order to meet your sales goals. Next, you need methods in place to measure the return on investment of your marketing campaigns. If you find that any of the tactics you’re using aren’t generating sufficient ROI, it’s time to drop them. You need to track your marketing programs closely and make them flexible enough to change. Don’t get your heart set on a particular marketing tactic; the moment something stops working you need to figure out a new approach. Keeping things flexible will help you spend less money for each new customer your marketing campaigns bring in, and help keep you on budget!

Read the full article here: How to Develop a Killer Marketing Plan – Part II

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