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Setting your marketing budget should be part of your marketing plan which in turn should be part of your overall business plan. To make plans you need to have resource and money to back up these plans. Budgeting can be a political hot potato if you have to agree figures and thrash out numbers between you and colleagues and partners. However, dealing with potatoes and people management are not covered in this book!
Top Tips – once you have set your budget, stick to it and review it regularly!
Review your budget after 6 months and maybe do a new forecast, if necessary!
So where and how does budgeting fit into your marketing plan?
As well as looking at the steps outlined above in a marketing plan, you must also ensure that you look into additional areas to strengthen out your plan.
These areas include:
Purpose of the business
SWOT analysis – strengths, weaknesses, opportunities and threats
External and Internal observations
Benefits and Features of the business
Branding, Positioning and Strategy
Mission, Vision and Values
And finally THE BUDGET!