The Importance Of The Marketing Budget - 1172 Words

The good news is marketing budgets have been on a steady incline for the past few years and have officially climbed all the way to 12 percent of company revenue. In fact, 2017 is the third consecutive year of marketing budget increases across the US and the UK—so it seems like everyone is spending more. The bad news is you still have to validate your marketing budget to your boss, which isn’t the easiest thing to do. If it’s time for you to take the plunge and justify your marketing budget to your boss, have no fear. While it might feel like an intimidating situation, there are things you can do to better support your spending and position your plan as the right route to take. To get your boss on your side, here’s how you can justify your†¦show more content†¦It’s an overwhelming time to be a marketer. In terms of justifying your marketing budget, it’s important to define each new trend you plan on funding and exactly how it will benefit the business. Showcase the latest trends, define how they will help you reach your target audience, and explain how that will then translate to more sales. Without this breakdown, you run the risk of leaving your boss confused as to why and how this is going to work. Ditch What Didn’t Work and Invest in What Did Before you start creating a new marketing budget, take a peak at the last one. Were there any strategies that worked really well? Were there any that didn’t perform the way you expected? Where could you have allocated money more wisely? These are things you need to know as they help you define where more of the budget should be spent and where you can cut costs. Perhaps your company used part of the budget last quarter to redo the website and start a blog. Did the blog help bring in any new customers? If it did, you should probably think about putting more of your budget into continued high-quality content. If it didn’t, maybe you should explore a different tactic, such as video content or influencer marketing. No matter how well or poorly something worked, your boss will be pleased that you took the time to consider the last budgetShow MoreRelatedRoles Of The Event Management Industry1673 Words   |  7 Pagesmanager from the creation of an event to its implementation. To understand the process of planning in this industry, I have decided to look at two crucial roles the event manager must co-ordinate. First the marketing manager role, this person is in charge of developing and implementing a marketing plan. I chose this role due to the fact that it’s one of the only role which allows you to use your creativity. Then I choose the finance and budgeting manager, which has to prepare financial reports and hasRead MoreMkt1 Task Essay1333 Words   |  6 PagesMarketing Plan Worksheet This worksheet is a complement to the study guide for both the MKT1. 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