Week 7: Marketing Budget
Without a solid budget, you can accidentally overspend on marketing costs. Here are three steps to help you organize current finances, determine where to spend marketing dollars, and strategically make adjustments.
Step 1: Organization
The first step to creating a solid marketing budget is to get organized in regards to your current financial situation. When you are working around estimates, it is impossible to create a realistic marketing budget.
What is your “Reliable revenue”? It is the minimum amount of money your company makes each month.
- Total Available:
Step 2: Determine Where You Want to Spend Marketing Funds
- Social Media:
- Hire a Consultant:
- Community Charity:
Step 3: Work the Plan
Taking measures to improve marketing strategies starts with working out a solid budget. However, a plan alone is not enough. You have take action and remain committed to following through.
By keeping the budget in mind when you make decisions, you will prevent overspending on marketing and you will have the opportunity to explore different strategies to find the best solutions for your business goals.
Weekly Goal: Determine you budget and stick to it. Remember, you have to spend money to make money.
Having trouble figuring how much your marketing budget should be?