Join Drew Boyd for an in-depth discussion in this video Budgeting, part of Marketing Fundamentals.
…Marketing takes time and money.…So, it's important that you develop a budget.…A good budget helps you allocate the right amount of…resources to the right marketing programs.…Now, there are two ways to develop a budget.…You can decide on how much you have to spend, in total, and then allocate it.…Some companies do this by taking a percentage of…sales revenue as the total budget for marketing.…That amount is assigned to different teams and programs.…I call this the top down approach.…
The other approach is from the bottom up.…Each marketing team develops a budget to spend on…marketing programs that they think are needed to achieve a revenue forecast.…Those budgets are combined into a company-level budget.…If you recruited a finance member to your marketing planning team,…they'll be able to tell you what approach your company uses.…Whichever approach you take,…you still need to decide where to spend the money and how much to spend.…One thing's for sure.…You always have a limited amount of money to spend, so…you probably can't do all the things you'd like to.…
You'll also learn to address tactical challenges and present the plan to get buy-in throughout an organization, from the C-suite to the sales team, as well as use the marketing plan to guide outside agencies and vendors. Finally, you'll learn how to launch the campaign and measure its performance.
- Marketing in an organization
- Assembling the team
- Creating the marketing plan
- Analyzing your products, customers, and market
- Segmenting customers
- Creating a value proposition
- Developing a strategy
- Setting goals
- Setting prices
- Using social media
- Presenting your plan to leadership
- Budgeting your plan
- Measuring success
Skill Level Beginner
Understanding Marketing's Role
Analyzing Your Business
Developing Your Strategy
Developing the Tactical Phase
Aligning the Organization
Launching and Measuring Your Plan
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