A continuing challenge for marketers is creating the right marketing budget. Writing for Marketing Profs, Matthew Sweezey suggests approaching the challenge with three keys in mind:
- The best marketing budgets start with new ideas about what Marketing is
Sweezey points out that best-in-class marketing budgets won't be possible unless marketing executives accept some basic marketing tenets, including the fact that marketing cannon be siloed, and technology is the solution to modern marketing.
- The best marketing budgets match your growth stage
There are really three different kinds of budgets, writes Sweezey: the budget to maintain branding, the average budget, and the fast growth budget. You need to know the differences and the components of each.
- The best marketing budgets are flexible
It is essential for a marketing budget to change with the environment. Writes Sweezey, "The trick to creating a flexible budget is to have the necessary conversations up front. Consider the flex budget as a line of credit: It's preapproved, it's set up, and its terms and conditions are applied when/if it's used."
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