What is a marketing budget plan
One of the most important parts of your success is making sure that you have the right customers—ones who will purchase more than once.
In order to attract those repeat customers, you need to make sure that you have effective marketing strategies. However, to incorporate those strategies, you have to make sure you have the right marketing plan.
You should be careful in creating your marketing plan, as it will help you determine what your marketing strategies are, the tactics, the costs you'll incur and the projected results for the specific time period.
In order to determine the costs, you’ll need to make sure you have the funds to incur those costs.
Your marketing budget should therefore include a few important parts. These can be broken down into a few categories:
- marketing research
- public relations
Your marketing budget may not allow for all of these sections to be necessary, or your marketing strategy may not want them at all.
However, two of the most important for digital marketing (with more accessible prices) are communications and advertising. Specifically, any business in the digital age should include web (and social) communications and digital advertising—specifically, Google Adwords and Facebook Ads.
The more traditional aspects of marketing, such as brochures, postcards, television and radio can be quite cost-prohibitive and less flexible. Therefore, many smaller businesses simply leave those spaces blank (for the moment) on their marketing budget plans.
As mentioned above, your marketing budget plan will be one part of your marketing plan. It is important to know how much leeway you have to work with marketing and make sure you use the effective marketing methods to get a great ROI (return on investment).
With InvoiceBerry's marketing budget plan template, you can quickly and easily enter your budget in the desired aspects of your marketing plan and ignore the rest.
It will also allow you to take a step back and look at the bigger picture of your marketing plan in general. What are your goals? Where are you going? How much have you achieved and do you need to make a change in order to achieve more?
Writing a marketing budget by yourself will give you too much to handle, and it is completely unnecessary. With our marketing budget plan, we've already taken care of the manual work.
Now you need to consider what the best way forward is to make sure your marketing is top-notch and you get a great ROI.