Let’s talk about the ‘b’ word everyone likes to avoid: Budgets. When it comes to putting together your marketing plan or next project, writing down that number next to each line item can be tricky. While you’re planning out how to create a marketing budget, here are a few things to keep in mind:
Look at previous plans and budgets. Past project costs will shed a lot of light on your budget and is a great place to start when planning.
Don’t forget the details. Make sure you fully understand what all needs to come out of your marketing budget (salaries, agency fees, printing, postage, media, etc.). Next, add as much detail next to each line item as possible. Understanding where expenses come from within each project will help you make a more accurate projection.
Be upfront and honest. If you work with an agency, talk candidly about your objectives and budget. There’s always multiple ways to skin the cat so perhaps they can find ways to shave off dollars without losing the impact. Even if the initial project estimate is out of your ballpark, it’s worth a conversation to explore the possibilities.
Prioritize based on your goals. Which projects will have the most impact and will directly affect your annual objectives? Move these to the top so that if you can’t stretch your budget to accommodate all your activities, you’re at least getting done the ones that will move the needle.
If you’ve got too much on your plate or are looking for a fresh perspective on your marketing plan, remember agencies have experience planning and budgeting for a variety of clients and can add valuable perspective to the budgeting and planning process.