Lesson 9: Financial consideration
Failure to properly cost and budget your marketing plan could lead to problems. While insufficient funding for such items as equipment or staffing may immediately come to mind when budgeting for the whole business, it’s the lack of a properly constructed marketing budget that dooms many marketing plans and campaigns. A marketing budget is the marketing plan written in terms of costs.
Marketing plan budgets are usually created a year in advance. There are a number of elements to include in a marketing plan budget. Start by getting others involved in the process. Determine what marketing services other departments like sales and research and development need. They may have certain projects they need completed in the coming year. Also, expect some ad hoc requests to arise during the year. Therefore, allocate an extra 10 or 15 percent to your marketing budget.