Creating a Marketing Budget
Of all the marketing strategies, digital marketing is the most result-oriented and that applies to all businesses, irrespective of the size. But results can only be generated when a fraction of the business revenue is dedicated to digital marketing.
Before anyone can calculate the budget needed, careful planning and strategizing must be done. It is important to carefully plan a digital marketing budget so as to get excellent results. Many people think they can invest in marketing campaigns immediately there is a demand for new leads but that is the wrong approach.
For a buyer, there are just three stages before making a purchase. These are the awareness, consideration and decision stages.
While planning my marketing budget, I take all these points into consideration. I work on all areas that need to be improved upon and then I assess the cost that will get me ideal results from the marketing campaigns. Factors that determine the marketing budget include the company revenue, your position in the industry and the results to be expected from the marketing campaigns. To calculate the budget, last year earnings, timing, and operational costs are considered. Conclusively, once your campaign is able to take the buyer through the three stages and eventually makes a purchase, that is a successful move.