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Devising marketing budgets |
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Every company plans for the next financial year and fixes the budget for each heads for e.g. Marketing, R & D etc. So every budgets requires attention and pre-planning in ahead. |
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| Author: Amarpreet97 |
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Out of these a marketer spends maximum on advertisement budgets because it offers numerous benefits. A marketer can advertise his product in a number of ways which may range from advertising in print media to electronic media and to advertising on billboards, radio, hoardings, internet etc. The online marketing has of course stolen the thunder of TV advertisements considering it’s numerous scope and prospects. If the print media carries off advertisements in various forms such as classified ads, half-page, full page ads, there are multiple options too in the online media.
The advertisements may exist in the form of banner ads, classified ads, button ads, pay-per-click ads etc. Since the online budget may reap you great rewards because of the large number of users who come on a particular website. So, out of all the marketing spends, advertisements obviously consume a larger part and must be wisely planned.
Apart from spending on advertisements, some amount has to be spent on other marketing activities and campaigns which play a major role in attracting the consumers and hitting the market.
Now, focusing on the main concern as to what factors should you consider when devising the marketing budget.
* Have clear-cut goals: One of the most essential criteria to be maintained prior to having a marketing budget is having concrete goals. i.e. how much you want to earn from the marketing budget. Your goal is to reap high profits or to impart brand value to your product, what is more important? Think before you take any decision related to marketing investment.
* Consider the Return-on-investment: Among the major investments that you make in all the marketing areas, consider the amount you are going to spend on sales promotion and how much would you spend on advertisements. If you think that there is more prospect of advertising in print media, then you should spend accordingly. Ask for the rates, bargain if possible and then go for it. The return that you will get after placing the ad will depend on the reputation of your organization, the product and the brand image.
* Test before you consider any form of marketing campaign: As you test market your product before launching any product, similarly you should take a small test by advertising in any medium. If you get positive results, follow the same medium and advetise in the same. In the same of the manner, you should think about sales methodology.
* Consider the cost price of the products and such other costs: If the costs incurred on the products is huge, spend little less on advertising and such other promotional offers. Think of transportation costs and infrastructure costs etc. Once you recover all these investments, then think of spending on advertsing.
The last word is: if you pen down your financial goals on a small piece of paper, it will help you to save more and earn more.
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