How do you write a marketing budget plan?

If you want to learn how to create a marketing budget, consider the following steps: Understand customer needs. ... Examine customer goals. ... Audit previous activity. ... Measure the average cost per lead. ... Determine the average conversion rate. Apr 3, 2023

How do I make my own budget planner?

Here are some steps that may help when building your own budget: Choose a spreadsheet program or template. Create categories for income and expense items. Set your budget period (weekly, monthly, etc.). Enter your numbers and use simple formulas to streamline calculations. Consider visual aids and other features.

How to manage a marketing budget?

How to Better Manage Your Marketing Budget Determine Your Total Marketing Budget. ... Create a List of Platforms You'll Use for Marketing. ... Estimate the Cost and Potential ROI for Each Platform. ... Evaluate Your Current Strategy to See What's Already Working. ... Allocate Your Budget. Feb 20, 2024

What is the best marketing budget?

In the simplest terms, your marketing budget should be a percentage of your revenue. A common rule of thumb is that B2B companies should spend between 2 and 5% of their revenue on marketing. For B2C companies, the proportion is often higher—between 5 and 10%.

What is the formula for marketing budget?

For our example, our small company with a revenue of $100,000 has decided to allocate 15% of their gross revenue to marketing. By taking our revenue (100,000) and multiplying it by our marketing percentage (. 15) , we have come to a marketing budget of $15,000 for our accounting period.

What are the four elements of marketing budget?

The four primary elements of a marketing mix are product, price, placement, and promotion . This framework aims to create a comprehensive plan to distinguish a product or service from competitors that creates value for the customer.

What is the most common method of setting the marketing budget?

A common method is to allocate a percentage of your projected revenue to marketing : a report found that the average marketing budget was about 9.5% of overall revenue in 2022.

What is the average budget for marketing?

According to the Small Business Administration (SBA), on average, businesses spend about 1.08% of revenue on advertising, with variations by industry [ 1 ] . They also say that business-to-consumer (B2C) companies usually allocate more: 9.6% for product companies.

Who has the biggest marketing budgets?

How The Top Biggest Ad Spenders in The U.S. Spend Their Money Ford Motor Company – $2.45 billion. Verizon Communications – $2.64 billion. General Motors – $3.24 billion. Amazon – $3.38 billion. AT&T – $3.52 billion. Procter & Gamble – $4.39 billion. Comcast Corp. – $5.75 billion. Conclusion. More items...

What is a typical marketing budget for a start up?

The money gained from your gross revenue should fund your marketing budget. So, how much of your gross revenue will you need? The average marketing budget for startups should be 11.2% of overall revenue . This percentage gives marketers enough resources to build brand awareness and start attracting leads.

How do I create a small business marketing budget?

How to determine your small business marketing budget Define your marketing goals and objectives. ... Research your industry and competition. ... Determine your revenue. ... Consider all potential costs. ... Evaluate past marketing performances.

8 Free Budget Planner Templates to Manage Your Marketing Spend! (2024)

December 17, 2015

With the8 Free Budget Planner Templates to Manage Your Marketing Spend, you'll be able tomanage all of the moving pieces of your budget at a monthly and quarterly level. Use the Excel version of the templates to keep all of your budgets in one place. When you download the zip file, you'll find a separate file for each marketing team, as well as a Master Budget Template to maintain a high-level view of your overall expenses. These can certainly help with your trade show marketing program!

Interested in sharing your marketing budget across a larger team? Try the Google Sheets version of the same eight templates to share access with other Gmail users. For the Google Sheets templates, each team budget is found in a separate tab of the same Google Sheet. No matter which version you choose, each budget is optimized with the same line items, tips, and graphs. Read on to learn how to use each budget template.

1) Master Marketing Budget Template

Download the Master Marketing Budget Template here.

While it's helpful to have individual budget templates forspecific marketing departmentsand activities, it's also nice tobe able to take a step back and see the bigger picture. The Master Marketing Budget Template let's you do just that: It's the place where you can collect the totals from the other seven templates in the bundle and see all of your expenses in one place.

2) Product Marketing Budget Template

Download the Product Marketing Budget Template here.

This template willguide youstep-by-step through the process ofbudgeting for a product launch. From determining product/market fit, to running user testing sessions, to promotingyour finished product, our Product Marketing Budget Template willhelp ensure you don't overlook any important expenses.

3) Content Budget Template

Download the Content Budget Template here.

The budget required for creating and promoting content can vary greatly from organization to organization. For example, while some organizations keep most of their content operations in-house, others rely more heavily on freelancers and contractors. And while some use manydifferent software products, publishing tools, and services, others take a much simpler approach.

Our ContentBudget Templateis designedto cover as many content-related bases as possible. So, if you see any expenses listed that don't apply to your organization, go ahead and delete them. (That's the beauty of spreadsheets: You can customize them to your specific needs.)

4) Paid AdvertisingBudget Template

Download the Paid Advertising Budget Template here.

Paid advertising: Does it really qualify as an inbound marketing tactic/channel? That is a loaded question, my friends, and one that I don't have room toanswer in-depth in this post. What I can tell you for sure is that you can do paid advertising in an "inboundy" way-- i.e. by targeting specific buyer personas and using paid advertising as a supplement to your organic efforts to helpdrive awareness and conversion opportunities.

Measuring the effectiveness of your paid advertising campaigns is also paramount to doing things the inbound way. Using our Paid Advertising Budget Template, you can keep tabs on your monthly (and quarterly) ad spending, and then cross-reference the amounts with your lead-generation metrics to determine your cost-per-lead.

5) Public Relations Budget Template

Download the Public Relations Budget Template here.

Public relations expenses amount to more than just paying for press releases. From reputation monitoring software, to traveling(e.g., to events and tradeshows) to applying for awards, there are many PR costs that can beall too easy to overlook.

To ensure you're accounting for all of your organization's PR-related expenses, check out ourPublic Relations Budget Template.

6) Branding & Creative Budget Template

Download the Creative Budget Template here.

Inorder to produce high-quality, innovative graphics, videos, and other content, thebranding and creative teams of today need more than just Photoshop ... a lot more. One of the largest-- and often most overlooked -- expenses isstorage.

If your organization is producing a lot of video, storage is especially important. Because as it turns out, when budgeting for video storage, you shouldn't be thinking on a megabyte (MB) or even a gigabyte (GB) scale, but on a terabyte (TB) scale. FYI: 1 terabyte = 1 trillion bytes. You can keep track of all your storage costs (and other branding and creative costs) using our free template.

7) Website RedesignBudget Template

Download the Website Redesign Budget Template here.

Budgeting for a website redesign can be seriously tricky.With so many moving piecesto consider, there is a lot of room for underestimating or miscalculating costs. We created ourWebsite Redesign Budget Templateso you cankeep all of your redesign-related expensesin one convenient location.

Unsure if your current website is right for a redesign? Check outthis HubSpot research report:Does Your Website Make the Grade? Chances Are, It's Barely Passing.

8) Event BudgetTemplate

Download the Event Budget Template here.

When planning an event, the associated costs can seem obvious at first.There's the venue to consider, of course. And the P.A. system and microphones. And thenthe costs associated with booking and bringing in presenters/performers. That's pretty much it, right?

Wrong.

For example, does the venue come with tables/chairs, or will you have to rent those separately?Do you want your attendees to wear name tags, and if so, will you be printing outthe name tags ahead of time or will attendees be writing their own names on blank tags? If the latter, have you factored in the pens or markers you'll need to accommodate that? As you can see, planning for an event can lead you down many rabbit holes.

Use our Event Budget Template to stay organized.

How do you manage your business expenses? Let us know if there’s a budget template we missedthat you’d find helpful.

Guest Blogger:Megan Conley is a Content Marketing Associate for HubSpot, where she creates ebooks, tools, and other resources for marketers.