4 steps to properly define your marketing budget

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Take stock of the previous year
The first step in defining your marketing budget is to analyze last year's results . This allows you to define what worked and what needs to be improved for your business. It is important to review the different marketing actions you have implemented.

It's up to you to study which campaigns were profitable , which communication channels were most useful for your marketing strategy, etc. This can help you organize yourself for next year's marketing budget. In particular, you will be able to allocate more resources to successful actions and adjust those that did not achieve their objectives.

Look at the current situation of your business
After looking at your results from last year, you now need to assess the current contact number example philippines situation of your business . Indeed, depending on your situation, your marketing needs and objectives will not be the same.

For example, a new company could turn to a brand awareness campaign while a well-established company will want to focus on customer loyalty. In addition, your financial situation will necessarily play an important role in setting up your marketing budget . It is therefore essential to take stock of your available resources and your financial constraints .

Set clear goals

Once you have an overview of your situation, it’s time to define your marketing goals . These goals should be aligned with your business strategies . If you’re looking to expand into new markets, your marketing efforts could focus on acquiring new customers. If you’re more interested in optimizing your mobile marketing strategy , you could, among other things, plan to promote your mobile app or adopt a mobile-first strategy for your website.

For example, you can use the SMART method (Specific, Measurable, Achievable, Realistic, Time-bound) to set your goals in a concrete way. Let's take a concrete case: you have the goal of increasing the number of visits to your website by 20% in one year. Here is the SMART method for this case:

Specific : Increase the number of visits to the company's website by attracting new visitors;
Measurable : Increase total site visits by 20%;
Achievable : This objective is achievable by implementing a better marketing strategy, in particular through certain actions (SEO optimization, content creation, advertising campaigns, etc.) and by clearly defining a marketing budget;
Realistic : This goal is realistic based on current resources (marketing budget, dedicated team, analysis tools, etc.);
Time : Carry out this increase after 12 months.
By setting achievable goals, you can better assess the actions to be taken and adjust your budget accordingly. This will also allow you to track the progress of your campaigns throughout the year.

Conduct a competitive analysis
Finally, it is also important to analyze your different competitors to finish establishing your marketing budget . This allows you to better understand what the situation is on the market , current trends or how other companies in the sector behave . For example, you can look at the communication channels they use, the messages they want to convey or the different partnerships they set up.

Let's take a concrete example with a company in the cosmetics sector. This company should study how its competitors use advertising on social networks, if they contact influencers or simply the social media they use for their marketing strategy. A complete competitive intelligence will allow you to identify opportunities to seize or potential risks to avoid .

So, by having a clear vision of the market and the behavior of your competitors , you can adjust your marketing budget more effectively .