Do you want to increase your leads in 2023 but don’t know where to start? Creating a great marketing plan might be just what you need to increase your leads and push those potential clients through the sales funnel.
One of the first steps in creating a great marketing plan is creating your marketing budget. There is a lot to consider, so don’t take setting a budget lightly. In this blog, we will discuss why you need a marketing budget and a few quick tips to set a marketing budget for 2023.
Why is a Marketing Budget Important?
Imagine taking a trip to Europe without any idea of how much money you need to eat, do fun activities, lodging, etc. Sounds like it’s bound to be a disaster, right? You are most likely going to run out of money within a few days and be left stranded (unless you have a weird endless fountain of money).
Well, the same thing happens with marketing. You need a budget to know exactly how much you can afford to spend in each step of every project or you risk eventually running out of money to carry out your plan to reach your goals.
How Do I Plan My Marketing Budget for 2023
If you would like to tackle creating a budget on your own, we have created this short list of steps to follow. However, we highly suggest reaching out to marketing specialists. They know the industry, and they can help you create a plan that will give you the highest RoI.
- To begin your marketing budget for 2023 you need to know how much your current gross revenue is. This revenue should be the one funding your budget. Out of that revenue, experts recommend that you use about 11.2% overall for marketing purposes if you are a small business or startup. This percentage is enough to fund a marketing plan to build brand awareness and attract new customers.
- Now you need to break down what expenses to expect. You’ll need to account for things like technology, research, automation, labor/production costs, paid advertisements and unexpected costs.
- Once you know how much money you have to put towards marketing and what you want to spend it on, you need to specify how much money you’ll be allocating to each marketing element. This is where you establish what your priorities are. Is it in your business’ best interest to have a strong social media presence, or is it better to have old-fashioned advertising like flyers? Your business goals need to align with your marketing goals. Market research can also let you know which of your products needs the most attention.
- For step 4, you can research your competition, and see what marketing efforts they are making and whether they are paying off or not. Knowing this can help you know where you stand, and what marketing plans will result in sales
- Once you have figured out what channels you want to use, what type of marketing you are going with and what your marketing goals are, create a marketing calendar. In this calendar assign potential dates and costs to your marketing campaigns and spread them out throughout the year. And there you go you have a marketing budget for 2023.
Green Star Marketing for Your Marketing Needs:
These basic steps will give you a great start to creating a marketing budget for 2023. However, the entire process of marketing a business with the treated RoI can be much more complicated.
If you are looking for someone to do all the work for you, consider getting a marketing agency involved. And that’s where we come in. At GreenStar Marketing, we have a team of experts ready to take any business’ marketing efforts to the next level.
With a focus on inbound marketing, we can help your company with social media, content marketing, website design and other marketing efforts. Get in touch with us today and we’ll get you started with all the info you need!