Marketing Budget: What it is, how to create it and optimize it

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Marketing is a key piece when it comes to connecting a product or service with customers. But it can be very expensive, especially when you don't have a marketing budget .

This is because there are many processes involved, such as: buying ads, graphic work or writing advertising pieces. It is for this very reason that today we will help you discover what it is, how it should be done and how to optimize the marketing budget .

The marketing budget is a summary of the costs that a company will have to market its service or product. This is why it will cover a specific period of time, ranging from one quarter to one year.

Typically, the marketing budget will include all expenses related to the marketing plan and advertising campaigns:

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How to create a marketing budget
As we mentioned before, budgets can be annual or quarterly. That is why it is important to include the projects that this department is going to develop, both short and long term.

1. Identify your marketing objectives
Before you start, you should know that marketing aims to build a sales funnel or generate direct sales to increase gross revenue.

Now, in order to create an effective marketing budget , you need to determine your company's short- and long-term marketing goals.

This is how you will establish key performance indicators or KPIs, which are an essential part of seeing the progress of your strategy.

Let's look at some examples of short-term goals :

Reduce website bounce rate by 5%.
Get 10 comments on Instagram posts per week.
Increase brand awareness by generating 200 new social media followers each month.
Now the examples of long-term goals :

Be on the first page of Google for three of your top business keywords.
Create a sales funnel that generates 20% of new customers over the next three years.
Develop a marketing automation workflow that enables you to capture and capitalize on 30% more customers.

2. Define your buyer persona
A buyer persona is a fictional representation of your target customer, that is, the one who is going to buy your services or products to solve a problem.

The interesting thing about this is that you can have more than one buyer persona, but when you define it, try to define a maximum of five.