Marketing budgets are always a bit of a chicken and egg scenario, right? So often we need to sell some more products or services, so we can invest in marketing, but investing in marketing will help us more easily sell more products and services!
There’s a lot of advice out there where people will tell you, depending on whether you are an old business or a new business, and whether you want to grow or you want to maintain, what percentage of your annual turnover you should spend on your marketing.
It feels so impersonal and not tailored. There’s no consideration of so many of the factors that impact a business’ marketing or the wider business goals, including the internal skills you have and time you can commit to marketing.
Instead of blindly trying to spend a predetermined percentage of turnover, and trying to figure out what tactics to spend it all on, you should be working from the other end and reverse engineering a budget from the tactics you think will best help you achieve your goals.
In this episode, we take a look at how you can easily do that and then have confidence that the budget will support the best tactics you’ve chosen to achieve your goals.