The New Year is fast approaching. If you’re marketing budget is on the second page of your to-do list, it’s time to reprioritize. On the surface, you may think that a marketing budget only tells you how much you’re spending. But in reality this document sets your strategy for growth; and that’s why it’s important to start now.
What do you want to do in 2010? Do you want to get more customers? Reactivate the sales of one of your products? Expand to other markets? A marketing budget forces you to think of the tactics you’ll need to use to reach your goals.
A marketing budget helps you to understand your target market. If you’re looking to reach 18-24 year-olds, you’ll employ different strategies than if you were looking for Baby Boomers.
Regularly reviewing your marketing budget in comparison with your revenues helps you to understand what’s been working and what you need to adjust.
Once you’ve set your marketing budget for 2010, resolve to review it no less than monthly. If you want to grow your business, you need to understand how you’re promoting yourself. And if you don’t quite understand marketing, you may want to look for assistance. In this every-changing economy, the marketing budget could be one of the most important tools in your business arsenal.