Excel Formula To Figure Out Hours From A Time Span 7 Tips For Drafting Your First Marketing Budget

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7 Tips For Drafting Your First Marketing Budget

It’s easy to throw together a marketing budget, but if you really want to ensure the success of your new venture, you’ll want to take the time to do your homework and create a marketing budget that not only looks good on paper, but actually your resources and revenue. Let’s take a look at some tips for creating a great marketing budget.

1. Using the right tools

You can start by scratching out your marketing budget on a paper napkin but learn Excel or another similar spreadsheet program that will allow you to quickly insert calculations and make adjustments to analyze their impact.

2. Grand opening

Don’t forget that in addition to your regular monthly marketing you are going to kick off your new business with a bang. So plan some extra funds to make a splash when you start your new venture.

3. Ongoing Marketing

Recognize that many forms of marketing only begin to show their true potential after several months in the game. Also don’t bet everything on your first marketing initiative. So make sure you budget enough to keep your marketing going at least for the first 3 months.

4. Diversification

All marketing is cyclical. What worked well 2 years ago may be too saturated now. Whatever was not working 5 years ago may produce good results now. So don’t put all your eggs in one basket but recognize that spreading yourself too thin can make your marketing efforts ineffective. It is best to focus your efforts on a few channels to ensure that they are truly effective.

5. Factor in all associated costs

When creating your marketing budget make sure you factor in all the costs involved. This includes the design and man hours you have to put in as well as the labor costs associated with inquiries and closing the business.

6. Maximum ROI

There are many marketing ideas that work today but to be a leader in your industry you must consistently demand maximum ROI on your marketing budget. What will generate not only the most traffic and number of leads, but the most closed transactions and profits.

7. Budget for testing

There is now endless marketing advice to be found online. Some are good and some are useless. Some will work for your business, some won’t. So budget for testing, it will be the best money you spend.

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