What should be your marketing budget for the next year?
A Marketing Budget is a detailed roadmap of the total cost which is required to promote your products or services and outlines your marketing strategies, costs and projected results over a period of time. It includes all branding & promotional from advertising and public relations, employing staff, office costs, travelling to other miscellaneous expenses incurred on marketing. How do you go about planning your marketing budgets?
Old rules of thumb say have your marketing budget per year should range anywhere from 1 percent to 10 percent of sales, or possibly more, depending on several factors, including:
Some statistics have shown that up to 85% of small to midsize companies operate from a budget only. They keep figuring out how to spend a defined budget, instead of thinking about goals and strategies.
These are some pointers will help you to set your marketing budget.
So then, How do you go about planning your marketing budgets? I hope you have some pointers to get started. You might also want to read 5 simple ways to use content marketing in your demand gen programs
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Xenia Consulting is a professional digital marketing agency in Pune that leverages inbound marketing to deliver business leads for you. We do this by generating meaningful and relevant content and then driving it effectively to influence your prospects, using a mix of social and digital channels.