Every company's goal is to get a lot of customers and earn from their products or services. Marketing is crucial for this goal, and thus companies spend a great deal of money to promote their products. The funding they plan to spend is indicated in their budget. Speaking of budgets, you can create your own budget without much effort. Check out our Marketing Budget Templates in Apple Pages and choose a ready-made template that you can customize to serve your marketing needs. Download the template on your computer or mobile phone. Preparing a budget template is made more convenient with our templates. So grab a template now.
What is a Marketing Budget?
The world economy runs on consumerism. That is why companies are willing to spend a lot to get their products or services promoted. In 2019, it was estimated that global spending on advertisements amounts to 563 billion dollars. In the first half of 2020, spending on digital advertising is projected to reach 355 million dollars, according to Statista. The marketing budget is one of the things that companies pay attention and for good reason. Budgets project an estimated cost for operations like marketing. It is an integral part of business planning.
How to Prepare a Marketing Budget
Preparing budgets is essential for the planning and management of any business operations. It can seem complicated to someone unfamiliar with budgeting. We have prepared a few helpful tips to make a budget, feel free to check it out.
1. Have a Complete Idea About Marketing
Before you prepare a budget, it is advisable to set targets and goals. Of course, these goals must be achievable within a short time frame. You can easily set your goals and schedules if you have an adequate understanding of advertisements.
2. Know What You Need to Spend For
After setting your goals, identify the things that the marketing operation will need. Create a simple list and request a quotation from multiple advertising companies. Gather these quotations and select which is the most cost-effective among the choices.
3. Estimate the Amount of Money the Company are Willing to Spend
After gathering quotations, you should consult the staff involved in company finances and ask for an estimate of the company's funding for the marketing operation.
4. Allocate the Budget
Depending on the estimated amount, you can decide to go with the current price or look for an alternative. If the estimates agree with the current price, you can now put your budget into writing.
5. Prepare the Budget Document
After completing your preparations, what is left is creating the document for the marketing budget. Use a suitable computer application like Apple to make your work efficient.
