The marketing budget constitutes a dilemma for most of the companies, as each one has its unique needs and faces different challenges. In fact, there is no well-known set definition for what the marketing budget should include. Some consider it strictly restricted to the advertising campaign, while others suggest it should include the salaries of the sales team and cover the social media expenses etc…
Until now, marketers cannot tell in a definite way the exact amount of money that should be set apart for the marketing. In fact, marketing budgets can vary based on a variety of different factors. The only strategy marketers can adopt is to evaluate the total spending of the company vs a set of economic factors, in order to assess the current situation and have a clearer picture about what the marketing budget should be.
Efficient marketing budget
A very important feature in marketing is to focus on your current condition and position rather than dwelling on the vision you have in mind but you did not reach. From this perspective, you should focus on having an efficient marketing budget that you determine.
In order to able to do so, it is crucial you identify the target customers you wish to reach. An efficient marketing is based on you knowledge of your audience. You can start with basic demographic characteristic such as the region, sex, age among many others. After a while, you can broaden these criteria so it covers the needs of your target customers, their preferences, their lifestyle, etc…
The next step in the process is assessing the efficiency of the message you are conveying to the audience. This message needs to be concise, clear and appealing. Of course, it needs to evolve with time, but it should also take into consideration how it affects the general outcome. With time, you will have a better vision about your budget and you will be able to identify whether you need to increase it or cut it back.
Relax! There is no one correct way to set your budget, as every situation is different and every company manifest unique needs. Therefore, instead of spending your energy on how much you should spend for the marketing process, focus more on making your spending efficient and wise to help you boost your business and make the development progress faster.