How do I set my marketing budget?
Nowadays, the word marketing has attracted a lot of interest from entrepreneurs and enterprises, how not and is an essential building block for the richest
About it in the dictionary and notepad of any company, whether small or large, in order to ensure its continuity and increase its profits.
In order for you to do a successful marketing process, it requires you to define the marketing budget for your project.
This remains a question for most marketers, how do I set my marketing budget?
One of the people asking this question is you are in the right place. In this article, God willing, you will learn how to determine
If you are
Your marketing budget to ensure the success of your marketing plan.
Define the marketing budget
The determination of the marketing budget differs from one company (a site or an electronic store) to another according to its general condition.
Mainly based on the age of the company, its position in the market, and the impression of its customers on the service or product it provides.
But in this article I will find a set of positions for you that will undoubtedly assist you in determining the marketing budget for your project.
For example, if we assume that you are the owner of a recent company and it is not long ago that it was founded on the verge of entering a market containing
Firm, in this case you are obligated to specify at least 35% of the total budget allocated to the project for the Marketing Department.
This is very necessary, as most owners of small and developing companies are not interested in studying their marketing budget.
They set it as a secondary or last option, and this will incur a total loss.
Just think of a project or idea with good preparation for it, then we come to study the project’s general budget and allocate 35%
Including for marketing.
Now let’s talk about companies looking to grow and increase their annual sales, in which case they would have to pump at least
10% of its annual revenue in its marketing budget. The same applies to companies that have been in existence for a long time and who wish
In maintaining its position in the market, but at a slightly lower rate, where 5% of its annual income must be allocated to
All of this budget only guarantees that you will remain in the competition. As for if you own a specific product or service and want to develop it and excel.
On your competitors, it prompts you to spend at least 20% of your annual marketing revenue.
And always your main goal of developing a marketing plan that meets the requirements of a tight marketing budget is to improve your current position in
Market and tightening the noose on your competitors by carefully and continuously monitoring their movements and revealing their weaknesses and working on them in order to outperform them.
In conclusion I hope that I have succeeded in explaining and simplifying you how to define your marketing budget through a set of
Strategies that make you take steps forward and one day become a competitor in your field.