6 steps to planning your marketing budget for 2022

You know why a marketing budget is important, so let’s see how to make one and how to prioritize it. Here are six things you need to consider when setting up your marketing budget.

1. Set up your sales cycle

Establish your sales funnel when you break down your marketing budget. Your sales funnel is a crucial part of your marketing budget because it determines how you’re going to spend it. Your sales funnel is what your audience goes through to become a paying customer.

When you understand your business’s sales funnel, you can see where you might need a digital marketing strategy to keep people in the funnel.

Pay-per-click (PPC) ads, video marketing, and social media ads may help you move those leads.

To help you budget for marketing, you need to know your sales cycle.

By knowing your sales cycle, you can anticipate which strategies you should invest in, which means you can budget for your marketing plan wisely.

2. figure out your outside costs

Establish your external costs first if you’re trying to figure out how to prepare a marketing budget. It’s important to know how much everything costs your company, so you can budget for marketing. What outside costs do you need to factor in?

• Operational costs
• Costs for employing staff
• Costs for running your business

Budgeting for marketing should include these costs. You can use it to figure out what services to invest in, but it also helps you determine your ROI (return on investment).

The info here will help you choose the strategies that will give you the best ROI.

3. Set your business’s goals

It’s in every marketing budget guide that you have to set your business’s goals – and that’s true! It’s important to know what you want to achieve so you can set a budget that lets you get there. Set goals for:

• Earning more sales
• Increasing leads
• Earning more subscribers
• Increasing brand awareness

If you set goals for your business, make sure they’re specific and smart. Set a goal like “increase sales.” It won’t give you a target to work towards and achieve.

How to make a marketing budget? Add your overall business goals so you know what to invest in.

4. Get to know your market

If you want to build an effective marketing budget plan, you have to know your market. You can better determine which strategies you need to use to compete with your competition if you know how your company stacks up against theirs.

You should do a competitor analysis to see how your competition does online. Even competitor analysis tools can help you see how your competition is doing online right now.

It can help you find out which strategies you’ll need to budget for.

Use a competitor analysis tool to get ideas for your own campaigns, or use social media monitoring tools to keep track of what people are saying about your competitors.

5. Decide what strategies you’ll use

Selecting your marketing strategies is an important part of preparing a 2022 marketing budget. It’s okay if you don’t know exactly what strategies you’ll use, but you should have an idea of which ones will work best. Among the many digital marketing strategies, you can use are: Search engine optimization (SEO), PPC advertising, social media marketing, and social media advertising

6. Prices for research

Whether you’re going to do it yourself, hire a freelancer, or hire a digital marketing company, you need to know how much it will cost. Your marketing budget breakdown should explain how much each strategy will cost you. Decide who you want to handle your campaign:

• You can do it in-house: if you decide to do it in-house, the cost will be in terms of salaries and materials you’ll need. It’s possible you’ll need to hire someone or invest in tools to manage your campaigns.
• A freelancer is someone who specializes in one type of strategy or dabbles in a few. If you hire a freelancer, you’ll usually pay by the hour or per project. Prices could be higher if the freelancer is more experienced or uses the software.
• Hiring a digital marketing company means you’ll get everything you need, from tools to people. As long as you’re not doing a one-off project, you’ll have to pay a monthly retainer.

If you’re busy running your business, you’ll want to hire a digital marketing company. So, you get the benefit of having a marketing plan and someone managing your budget while you worry about other stuff.

MaxLeadsTech Top SEO Company in Malaysia can help you get started with your marketing budget plan and hire a marketing agency. We know how to make a marketing budget that fits your business.