A well-defined marketing budget helps you measure and manage what you invest in acquiring new customers and reconnecting with existing ones. It can also help you identify opportunities to optimize the tactics that result in the most bang for your marketing buck.
Here’s a deeper look at the importance of a marketing budget and how to structure one that helps improve your business.
It forces you to be more strategic. Much like a budget for your personal finances, a marketing budget forces you to think carefully about where you spend — and where you can save. This can be especially important for small business owners when the temptation to execute a last-minute social media campaign to drive lagging sales strikes. Or, when that aggressive salesperson from the local reviews based website or newspaper uses high-pressure sales tactics that are difficult to decline.