This video helps you understand the importance of establishing goals when setting a marketing budget.
- [Instructor] Establishing goals. So where do you start with marketing budgets? Well, it's right at the top level. It's all about understanding the business strategy and then developing a marketing plan that aligns to meet the goals and objectives set for the business overall. Later on in this course, we'll be looking at different way to set a marketing budget. Whichever option works best for you and your business is all about setting and achieving goals which are smart. What does that mean? S is for specific which means answering the what, why, who, and where questions.
What do we want to achieve? What's the purpose of doing so? Who is involved and where can we make this happen? M is about measurement. We need to include numbers whether that's percentage increase, fixed numbers, or financial values, we've got to put some figures against our activities. And we'll talk more about this later in the course. A is for being achievable. The goals and objectives set need to be realistic and within reach, not too easy to achieve, but realistic alongside the other activities we have going on within the business, available resources, et cetera.
And relevant. Everything we do in marketing has to be relevant to our business strategy and for our target audience. Will it work and is it of interest to anyone are the key points to consider here. Finally, T is for time. We need to set a timeframe. It can be short term of long term but we need to have a date to work towards. Only when you know where you're going, can you start to consider marketing tactics.
- Establishing marketing goals
- Pricing products and services
- Setting the marketing budget
- Managing and reducing costs
- Measuring what matters to your business