![]() Once you’ve looked at those aspects of your marketing plan, you can decide how you’ll source your marketing budget. However, here are a few factors to consider when deciding on your own marketing budget: ![]() Obviously, this will look different for everyone. But the burning question is, of course, how much should you put towards your marketing budget? You know you’ll want to implement some type of marketing budget. How much should you budget for marketing? Using a marketing budget to scale your growing business may feel daunting, but clearly, the payoff is present in these stats. These data points prove that you need to spend money to make money if you want to stand out from the competition. and global advertising spend goes toward digital media. 72% of marketing budgets get put toward digital marketing channels.Between 20, there was a 14% growth rate in digital marketing budget spending across businesses. ![]() businesses spend on valuable marketing data tools has consistently increased over the last five years, to about $30.61 billion just this past year. 63% of businesses have increased their marketing budget in the past year.It can keep you competitiveĪs you plan your marketing budget with a template, it’s also helpful to understand how other businesses like yours are thinking about their marketing strategies and budgets. By keeping track of your marketing budget, your spend, and your results, you can easily identify slow leaks you can fix before they turn into a flood. It can help you identify areas of optimizationĪs you spend your marketing budget, you can identify which areas of your marketing are performing well and positively contributing to your ROI and which areas may need a little help. It also gives you the incentive to track your progress regularly-you want to see your money being put to good use! 3. This can help you understand if your marketing is using your budget wisely or if you need to make adjustments. If your marketing budget is tied to your marketing goals, you’ll set specific KPIs around the results you’re hoping your marketing budget will yield. Your marketing budget gives you the best place to start-because if you know how much you can spend on marketing, you can prioritize the strategies and channels that both fit in your budget and will drive the best ROI for your business.Ī marketing budget helps you keep your strategy clear and organized. With endless options for marketing out there, it can be difficult to know where to start. But, it’s crucial to complete a marketing budget template to help guide you through your marketing planning. Taking the plunge to allocate funds toward your marketing budget can be a challenge for small businesses.
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