Most of us have heard the Benjamin Franklin quote “if you fail to plan, you are planning to fail.” While we can agree that it sounds great, we often fail to grasp its significance. Planning truly is essential to our success in almost every endeavor. Budgeting is no exception. A budget is simply a plan for how you will spend money. And when it comes to marketing, there are several factors to consider that will ensure you plan well.
Before creating a marketing budget, you must first define your business goals and strategies. Once these are defined, a marketing plan can be designed that supports your specific goals. The next step is to determine how much you currently spend on marketing and measure the effectiveness of your spending.
Where many people miscalculate their spending needs is by only considering the obvious or significant expenses related to marketing. There are many expenses that are often overlooked; and these less noticeable expenses can add up quickly and greatly impact your overall budget. These overlooked expenses can include items such as:
- Personnel
- Premiums
- Events
- Sponsorships
- Images
- Mailing lists
- website plugins
When working with a marketing professional, they can assist you with creating a marketing plan to fit your strategy and goals, review and measure the effectiveness of your current marketing, and give invaluable insight into how to calculate a budget that meets your needs.
As the end of another year approaches, now is the time to plan for next year. After all, “a goal without a plan is just a wish.” ~ Antione de Saint-Exupery.
This blog is courtesy of MMC Office and Accounting Manager Kimberli Holcombe