• Home
  • Entrepreneurship
  • Marketing
  • Social Media
  • Business Tools
  • Blogging
Facebook Twitter Instagram Pinterest BlogLovin RSS
Onaplatterofgold.com
  • Entrepreneurship
  • Marketing
  • Business Tools
  • Social Media
  • More
    • Money Matters
    • Blogging
    • Hot Startups
    • Submit Your Guestposts Articles
Facebook Twitter Instagram
Onaplatterofgold.com
4 Tips for You to Manage Your Marketing Budget
Marketing

4 Tips for You to Manage Your Marketing Budget

Platterofgold EditorBy Platterofgold Editor9 May 20191 Comment5 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Reddit WhatsApp Email
manage your digital marketing budget with ease
manage your digital marketing budget with ease
Share
Facebook Twitter LinkedIn Pinterest WhatsApp Email

Your marketing budget is something you have to properly take care of. So, do you know how to effectively manage your marketing budget to get the most out of your marketing investments?

Planning is a big part of our lives. It makes us have our goals in perspective and pursue them little by little until we reach what we want. When it comes to our businesses, a big part of the success can be contributed by defining a detailed marketing plan.

manage your digital marketing budget with ease

Your marketing budget should include the costs for a lot of things in the area of marketing. Such things you should include are advertising, website developments, and public relations. You should also include stuff like the cost of employing staff that will be handling the marketing related work.

How To Effectively Manage Your Marketing Budget

Table of Contents

  • How To Effectively Manage Your Marketing Budget
  • #1]. Set up your marketing goals
  • #2]. Determine your overall marketing budget
  • #3]. Cleverly assign your budget
  • #4]. Consider unique branding
  • PLEASE SHARE ON PINTEREST

Your marketing budget should be an integral part of your business finance. However, it’s not just about earmarking a certain amount of money for your marketing activities. In essence, there is more to marketing than just the marketing strategies you have adopted.

You will also have to be able to manage your marketing budget in a way that you will be able to get better returns of investment. See our previous article on digital marketing essentials for every new entrepreneur. Below are some useful tips for you on how to effectively manage your marketing budget:

#1]. Set up your marketing goals

Setting up marketing goals can sound like an easy thing to do. But once you get into it, you will find it very demanding. You need to set up realistic goals that you can achieve with your limited budget.

Your goals should challenge you, but they still need to be reachable. Once you determine your goals, you need to get specific about them and choose the priorities. Allocating your funds towards the priorities on your goal list should give you the best results possible.

Some people do this drawing the goals and then listing everything that needs to be done in order to achieve them. There are so many great automation tools out that that you can use to automate your business processes if you decide to go through this way.


#2]. Determine your overall marketing budget

Marketing is a medium through which you can generate sales and take your business to the next level. However, you need to have defined goals, and once you have this, you need to determine how much money you have approved to work with.

It is not recommended that you do this with estimates, but with real, concrete numbers. Usually, most of the marketing budgets out there are based on a percentage of the revenue. This percentage varies from company to company, so you need to figure out your own, based on what you’re planning on accomplishing.

If you just want to keep your current market share, 1-2% of the revenue will be enough. For moderate increases, you can use 3-4%, and if you want a big growth, somewhere between 5-10% or even more will be needed.

Choosing the right percentage of revenue that you can allocate to your marketing budget depends on a lot of things such as the size of your company, the industry your business is in, the brand recognition and more.


#3]. Cleverly assign your budget

This is where it gets confusing and tricky. After you have determined your goals and chose your budget, you need to assign it properly to the different categories of marketing. Assigning a monthly budget can be a hard task considering that the company’s income can vary throughout the year.

Use your past experiences to define what works best for your line of work. Think about which marketing channels can allow you to reach your target audience, and allocate your funds towards those channels. Be aware that the point of marketing planning is to increase attention to your business and eventually increase the company’s profits.

If the marketing plan does not increase revenue, then you should try something else. Compare the previous performance and the performance after implying the marketing strategy. The changes in the revenue will indicate if this is working or not.


#4]. Consider unique branding

Not every little company out there can have a big marketing budget. Maybe you’re just starting out or you still have a small business. You can still succeed; you just need to get a little bit creative with the tools that you already have.

We are all aware that small businesses cannot compete with the multi-dollar corporations that are their competitors. Opposing with them on the market cannot be by direct competition, so you need to be innovative and create a unique branding for your product that will differentiate it from your competitors.

This will be a great marketing strategy that will require less budget than normally when going head to head with the big leaders of the industry. Do you have more tips on the subject? Comment below and let us know!


PLEASE SHARE ON PINTEREST

4 Tips for Effectively Manage Your Marketing Budget
PIN IT: 4 Tips for Effectively Manage Your Marketing Budget
 
got content like this to share?
 

Business Marketing
Platterofgold Editor
  • Website
  • Facebook
  • Twitter
  • Pinterest
  • Instagram
  • Tumblr

Onaplatterofgold features a team of bloggers and content writers. You can also send your article to us at [email protected]. Don’t forget to like us on Facebook and follow us on Twitter.

Related Posts

3 Online Smart Marketing Tips For Small Business Owners

3 May 2022

Crowdfunding, Trade Show Displays & More – 4 Quick Marketing Ideas For Your Startup

8 April 2022

Alternative AI-Powered Marketing Tools To Use Now

5 April 2022

1 Comment

  1. Lycem on 23 May 2019 4:36 pm

    How much of your revenue should you allocate to your marketing budget? 10%?

    Reply

Leave A Reply Cancel Reply

Stay In Touch
  • Facebook 1.8K
  • Twitter 6.2K
  • Pinterest 762
  • Instagram 400
Power your website with a2Hosting  
Get SocialBee to manage your social media

Get More Leads
With Less Effort!

Automate your social media posting so you can focus on what truly matters.  14-day FREE trial, no credit card required 

  • Category based post
  • Automagically add content
  • Custom URLs & tracking
  • Audience analysis

Try it for free here!

 

 

Our Picks

How to Hire Licensed and Insured Moving Company

10 May 2022

3 Online Smart Marketing Tips For Small Business Owners

3 May 2022

How To Hire Good and Licensed Customs Brokers For Your Business

29 April 2022

Why You Should Host Your Website With A2Hosting

27 April 2022
Build new landing pages with Instapage
Use AI-powered logo maker to brand your business
New To Blogging? This Is How To Start A Profitable Blogging Business
About Us
About Us

Onaplatterofgold is your #1 source for startup and small business resources. Our platform features content and articles on and about entrepreneurship, marketing, business tools, and applications for businesses to boost their productivity.

We're accepting new partnerships right now.

Email Us: [email protected]
Contact: +44-792-6315-597

Facebook Twitter Instagram Pinterest BlogLovin
New Comments
  • Salame on Best Tools To Convert Blog Posts To Downloadable Ebooks
  • Harry on How to Invest in Coins for the First Time: A Beginner’s Guide
  • Heena on Impeccable Tips To Manage A Fully Remote Workforce
  • Olivia on Tips To Build a Competitive Amazon Marketing Campaign – A Definitive Guide

Subscribe to POfGold

Get our latest blogposts on marketing, social media, growth hacking tips and tricks to improve your business...

Facebook Twitter Instagram Pinterest BlogLovin RSS
  • Become a Better Blogger
  • Social Media Tools
  • Submit Guestpost
© 2022 Onaplatterofgold.com | Proudly hosted by A2Hosting - one of the world's best Webhosting Companies!

Type above and press Enter to search. Press Esc to cancel.