Being that marketing plays such an important role in many aspects within a company, your marketing budget is essential to your companies’ success. Marketing is far more than just promotions and advertising; this being said, your budget must cover many parts of pricing, distribution, and planning of your services or products if you want your company to be competitive and maximize profits.
Your companies marketing budget should include the top-level elements of your company such as promotions, advertising, distribution methods, public relations, market research, product planning/development, and financial projections to help set production/pricing objectives. These categories must be divided individually with various sub-categories of spending, for example, costs incurred during product fulfillment during promotional rebates or the creation services required for a piece of advertising content. When you and your team begin to develop your marketing budget, start by creating a list of the exact areas that will be addressed in marketing your services or products and determine how you or your team will address each area. The most important factor that a marketing budget serves is to help you, and your company proactively change the focus of your promotional efforts to low-cost methods to maximize profits when deemed necessary.
By: Brandon Diaz