How do I build a marketing budget for my business?
It’s like shopping for groceries. What are you trying to accomplish? How much of the market are you trying to consume (eat)?
Your marketing budget is built after you have determined the goals for the company. Never build a budget based on left over money.
A marketing budget is an investment into the growth of the business. It is never an expense. If you are investing money into the company with marketing dollars there should be an expected return on that investment. Therefore, each investment is a calculated move. The budget process starts with the vision, mission, and goals of the company.
- How big do you want to grow your company?
- How many customers do you want?
- Where do we need to go to grow our market?
Before you go to the grocery store you should know how many people you want to feed. Then you can determine how much money you are going to spend on groceries. You don’t spend all your money then buy groceries with the leftover money even if it’s not enough to feed the family. So, you should not do the same thing with your marketing budget. You won’t make enough money to grow the company.
– Your Personal Marketing Mentor, Sumnu Solutions Zone