Did you know that American companies spend over 300 BILLION U.S. dollars a year in marketing? It’s true! With numbers like that, it’s easy to get panicked over creating your marketing budget. Luckily, you have us to help! Read on as we break down our top tips to creating your marketing budget.
Marketing Budget Tip Number One: Determine Your Goals
The first marketing budget tip is to determine the goals for your business. For example, you can set goals that focus on earning more sales or subscribers or on increasing leads and brand awareness. The key is, it’s YOUR business. You make the call on what you focus on, then build your budget around that.
Tip Number Two: Create a Sales Funnel
In order to create your budget plan, you need to determine your sales funnel – or where you want to spend your money. The sales funnel is the process your audience goes through before they become a customer. If you want to convert those into sales, you need to understand your funnel.
Tip Number Three: Know Your Costs
In order to create your marketing budget, you need to establish your outside costs. Things to consider:
- Operational costs
- Staff costs
- Business costs
Once you’ve determined these, you can then work on building it into your budget.
Understand Your Market
Finally, in order to build your budget, you need to know your market. Try a competitor analysis to see how you stack up against your competition. Doing this can help you determine what strategies you will need in order to come out on top.
Have Questions? We Can Help!
At BlueHuki, we are dedicated to working with you and your budget. We offer affordable marketing with a team you can trust. Contact us today to find out how we can help propel you and your business forward.
