Marketing Budget Templates: Steps to Create One
Are you looking for marketing budget templates? Budgeting is no doubt crucial. Whether it is individuals who want to save for vacations or an organization that wants to expand its business, budgeting is necessary to achieve those goals. Here, we will tell you the steps to create a template for your marketing budget.
A Good Budget Makes Everything Easier
That’s right. A good budget makes everything easier. And this applies to just about any budget, including marketing-related ones. A good budget should help you not just to monitor the money but also give the best return of investment to the business. Below we explain the steps to create a good marketing budget.
1. Set the Marketing Goals
Just as when you want to journey somewhere, you need to know the destination before starting the journey. Goals will give you a sense of direction and enable you to track your progress. Try to make the goals as clear and realistic as possible.
2. Calculate the Total Annual Marketing Budget
The total annual marketing budget is important as well. How much money for the marketing budget depends on the revenue of the business. The percentage varies between one business to another but the general rule is 10% of the total revenue is allocated for the marketing budget.
This is a more complicated part of budgeting. You need to not just add up the expenses but also put them in certain categories. For example, branding and creative, paid advertising, content marketing, website, events, product marketing, and so on.
4. Assign the Amounts of Money to Each Category
The final step is to assign a budget to each category that you have made. The allocations of the budget should match the goals that you have made in the beginning. Usually, the budget cost is made monthly.
You can also get marketing budget templates online as well. There are many templates for marketing budget available for free. This is a feasible alternative and might make budgeting easier, especially if this is your first-time market budgeting. What you should keep in mind is that the templates tend to be more general and not specific. You need to adjust them.
If you follow the steps above, you should be able to create your own marketing budget template. At the very least, it should give you a glimpse of how the direction of the budget. Alternatively, you can also search for marketing budget templates as well, which you can customize to suit your needs.