Here are some reasons to have a marketing budget:
- The budget is part of your marketing strategy
(managed decline, status quo, growth) - It is a statement of marketing intent and direction
- You can decide where to focus your money and resources
- Helps to resolve the ‘in-house’ versus ‘outsourcing’ argument
- Spending can be associated with results achieved
- It makes it easier to integrate your marcomms
- You will have better control of your costs
- You can include budgetary amounts for testing
- You can tell suppliers that you have a budget
- It will help you to remember all of those hidden costs
- Every month, you can enter ‘actual’ figures in a
marketing budget spreadsheet and see if you are
keeping on-course - Your budget is a commitment to consistent marketing
Nigel Temple is a marketing consultant and trainer. He has extensive experience of working with and providing feedback on marketing budgets.
