Setting a marketing budget is difficult. A solid plan for your budget requires marketers to properly allocate funds and determine what projects or campaigns are most impactful. Fortunately, there are strategies to help ensure your budget will work.
CoSchedule contributor, Brianna Bergstrom gives an example on how funding high-growth projects with more budget is important to your marketing team’s success:
Say that one of your overarching business goals for the year was to increase the amount of traffic that is going to your website. It would make more sense to funnel more money from your budget into projects that contribute to that goal than say events.
Here are some other things you should do to ensure your budget is optimized for your goals:
- Don’t go over budget! This is the cardinal rule of budget setting.
- Keep track of your money at all times. Keep a monthly and quarterly expense spreadsheet.
- Develop a calculation for ROI on each project before allotting budget for it. Once you’ve given the project budget, use these ROI goals to measure against success. Use this information to inform goals in the future.
- Break your content marketing budget into categories: In addition to breaking down by campaign, divide your budget into categories including tools, employees, and paid promotion. This will give you a clearer idea of where your spend is going.
For six free marketing budget templates, check out Brianna Bergstrom’s complete article below.
Read the source article at coschedule.com