formulate a good marketing budget it’s never an easy task. After all, a large part of a company’s financial results are conditioned to the good use of its marketing budget during the year.
To help take some of the pressure off of a well-designed budget and to help you formulate your 2022 planning, we’ve decided to produce this article with the main guidelines on how to put together a great marketing budget.
Come on!
The first step in putting together a good marketing budget is to look at the results obtained in the previous year and see what worked and what did not work so well that year.
For this, you will need to calculate several metrics to measure the efficiency of your actions and campaigns in the past year. Check out some of the most important metrics:
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Remember of calculate the value of these metrics for your marketing “in general” the previous year and also for each of its actions, campaigns and strategies. In this way, it is possible to understand which component is above or below its average.
Your marketing budget needs to serve a purpose within your company’s business plan. He therefore needs a goal.
One of the main tips when creating this objective for your budget is be as specific as possible and, at the same time, relying on measurable and verifiable data, so that it is possible to decide at the end of the year whether the objective has been achieved or not.
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In order to be able to set a realistic goal for your marketing budget, look for the average between the result you already have and your ideal result. For example:
Imagine that your goal is to increase your company’s sales in the coming year. In the past year, your company has grown by, say, 5%, and your ideal growth might be something like 25%. In this case, the average between the result you already have and the ideal one is 15%, your goal for the next year.
The first step in building your marketing budget tool belt is to start by eliminating the strategies and actions that didn’t pay off enough in the last year or that didn’t work as they should.
From there, the ideal is to do extensive research to learn about new tools, main trends (email marketing, for example, is expected to have a great year in 2022) and discover the main ways to increase your marketing revenue.
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Now that we have all the elements at hand to formulate a efficient marketing budget, we need to learn the steps for good planning. The first one is to decide which area of marketing, between Inbound or Outboundshould gain more prominence in 2022 within your company and which will have less (or no) prominence.
Take into account information such as the cost and return of each of these channels to decide which one should be yours. — you can check out 3 good tips to make your decision here. With this step taken, your next action is to determine which strategies selected in the previous topic will be implemented and what the budget will be for each of them.
Remember to set some dates for regular evaluations (something like once every 3 months or every 6 months) so you can control the investments made and cancel those that are consuming resources without generating a return.
Also don’t forget to leave a “slack” in your budget to be able to count on some maneuverability during the year. It is important to guard against crises, unforeseen events or results that are far from expected and having some financial reserve on hand can minimize the damage of these negative situations.
So, what did you think of our tips for setting up your marketing budget for 2022? Tell us in the comments if you think your task will be easier now.
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