How to Create a Marketing Budget

Marketing is crucial to the success of any business. However, marketing does not have to be expensive. There are many low-cost alternatives that will fit into your budget. When determining which marketing strategies to include in your marketing plan, you will need to first look at your overall business budget and then determine how much you can afford to allocate to your marketing budget.

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Spreadsheet program

Instructions

- 1
  
  Determine the objectives for your marketing plan. Objectives are your goals for your business, or what you want your marketing strategies to accomplish. An objective might be to sell a certain amount of product in a specified amount of time, for example.
- 2
  
  List the strategies that will help you reach your objectives. Your strategies should be on a timeline, by the week or month for the first year of business and then every three to six months for subsequent years. Your strategies might include press releases, joining networking associations, creating a website or printing a brochure.
- 3
  
  Set up spreadsheet listing the strategies according to the timeline you've set. Create columns for objectives and dates, strategies and dates, and expenses.
- 4
  
  Estimate the income projections for your business. Determine how much of that income will be spent on operating expenses and how much you will allocate toward your marketing strategies.
- 5
  
  Determine the cost of each strategy. Research the cost of creating and maintaining a website, placing advertisements with print and broadcast media, and joining networking groups.
- 6
  
  Set up the budget on your spreadsheet for what your business can afford to do, based on income projections and available cash. Eliminate costly strategies that do not fit into your budget.

Tips & Warnings

Networking is the most effective marketing strategy, as well as the least expensive.
Resist high-pressure sales pitches to purchase expensive advertising if it does not fit in your budget.

Suggest item

Definition of Marketing

Comments

544168391 Apr 25, 2012
how are things - thanks for the call and the kind offer....

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How to Create a Marketing Budget

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