How To Better Predict Your Marketing Budget

You don’t need to use divination to foresee costs associated with your marketing budget! Creating a marketing budget is one of your most important — and often, most daunting — responsibilities as a business owner or entrepreneur. The money in your marketing budget is limited, and how you allocate each dollar can make the difference between a thriving marketing program and a failing one. Did you know that approximately one-quarter of all marketing budgets are wasted? Let’s explore some strategies to better plan your marketing path.

The first step to appropriately allocating your marketing budget is establishing your revenue goal trajectory, alongside the strategy you will deploy to reach these specific goals. Regardless of your industry or a small or medium business, your purpose concerning marketing aspirations is to match or exceed a revenue goal as efficiently as possible while remaining under or at budget.

Crafting a budget will mainly depend on the size of your business. If you are a small business looking to grow steadily, a goal of 12 to 20 percent of your expected gross revenue is a healthy number to allocate to your marketing budget. Suppose you are more on the mid-sized spectrum; perhaps 23-29% are looking to increase your growth rate. Planning for changes in spending throughout the year is an excellent practice to incorporate, as your spending might increase at particular points of the year (holidays, tax time, etc.).

It’s expected within the next five years that most companies will spend up to 19.7 percent of their marketing budget on social media strategy alone. It’s undoubtedly a powerful advertorial tool, but only when used correctly and effectively for your business. However, advertising on social media is becoming more expensive by the day, so how do you optimize your social media marketing budget without blowing it? Megan Killion knows how to scale your content and convert it to income for your business.

Your business’s revenue goals should drive every decision you make, which is especially true when it comes to spending the finite amount of money in your marketing budget.

My process is built on ethical marketing with over 15+ years of industry experience and expert knowledge to boost your brand image, SaaS, business technology, and increase sales.

Ready to scale? Better Predict Your Marketing Budget. Let’s get to work!

Click here for an audio version of this blog post.