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YashTop Contributor
Content Writer
Asked a question 4 years ago

What is your approach to structuring a marketing budget?

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Puru BhatnagarTop Contributor
Business Analyst, Entrepreneur, Business developer, Marketer

Marketing is an essential need of any company, it is a way through which companies tries to gain attention of their targeted audiences.

When marketing team plans out how they would reach out in the market and then they direct sales team to implement those ideas and give results to the company.

Here is the way through which the marketing budget is structured or set:

Set a marketing goal

Decide your marketing goal that is what you want to achieve through this marketing campaign,either you want to launch a new product in the market or you want to extend your product reach or it can be to get more viewers on your blog, so the first step is to decide what's your goal.

Set out your Budget

Once you have decided what's your goal now it is the time to set the budget for that, you can set your budget either on annually basis or quarterly basis, or half yearly basis.

That all depend upon how you want to execute your plan, whether you want to invest quarterly and want to see the results or you want to first invest one whole dedicated year and then look at the results and move further.

Decide how to market

Once you have decide the above component now it is the time to decide which marketing medium to choose, generally such thing is decided after analyzing the market and your targeted customer segment.

You can either go for digital marketing or offline marketing.

Assigning budget

Once you have decide the way you want to market, now it is the time to set budget for each category, since marketing route can be hybrid, you can set more than one route either through digital or offline or mixture of both.

so once you are done now its time for assigning the budget for each category.

Critical keys to plan and implement a marketing budget are 

  • Calculate the marketing budget and align your marketing goals with your companies strategic goals.
  • Identify the marketing budget to develop a detailed marketing plan that supports your strategy.
  • Allocate your marketing budget dollars.
  • Implement the marketing budget plan.