Creating and managing a marketing budget may not be a new concept to you. But if you are finding yourself constantly needing to go back to your budget and reevaluate it, using a marketing budget template in your planning process may help you create a budget that is easy to maintain.
While your marketing budget doesn’t need to be complicated, it does need to be intentional – and so should the template you choose. Here are a few options of marketing budget templates to fit your specific needs:
Marketing Budget Templates
- For the long-term planner: an all-inclusive annual marketing budget.
- For the multi-channel marketer: these templates offer a variety of timelines and topics to fit your specific needs.
- For the marketing manager: These budget templates help you break down your budget by project – perfect for larger teams with separate budgets to manage.
- For the marketing start-up warrior: We hate to say it, but sometimes budgeting can be a guessing game, this template helps your compare projected and actual costs throughout the year.
- For the B2B marketer: this template offers allocation benchmarks to gives you peace of mind.
Make the most out of your choice with these tips for filling out a budget template:
Timing: It is always best to start thinking about budgeting sooner rather than later. If you’re budgeting on a quarterly basis, we suggest drafting your budget three to four weeks before the quarter starts. This should give you enough time to meet with team members, make edits based on quarterly goals and objectives and deliver a final proposal to your leadership.
Where to start: Just as you would for your personal budget, start by identifying what you know you need – your non-negotiables. This may include software you have already licenced, events you have already committed to, or initiatives you know have to launch.
Look to your quarterly goals and objectives: What is on your team’s plate this quarter? Think about the campaigns you are running or launching, events you are hosting, branding needs as well as one-off projects. Who are the other stakeholders helping you achieve these goals? Consider what resources (and section of the budget) they will need in order to do their part. Additionally, think about the other teams your work impacts and ensure your efforts are aligned for maximum ROI.
Know where your leads are coming from: It’s important that the investment you’re making in marketing yields a measureable return. In order to determine how high you should fill each bucket in your marketing budget, look to your leads. While certain aspects of marketing such as brand management are more difficult to measure, your impact on sales is pretty straightforward. Which efforts are converting leads at the highest rate? Pinpoint those sweet spots and then follow the dollar when allocating funds.
Meet with your team members: Allowing team members to assist you with the nitty gritty details of your budget will save you time and give your team a sense of ownership over their work. An effective way to do this could be to give your team members a range of budget to back into. Ask them to think about their individual goals this quarter and to create a plan of how to get there, including how much it is going to cost.
PRO TIP: Keep a short list of items that are not immediately necessary, but if budget allowed, they would accelerate your team. That way if additional budget becomes available throughout this process, you’ll immediately know where you want to invest it and be ready to justify the value of that ask.
Identify where you have gaps: Quarterly budgeting can bring to light may of the gaps you may have – money, people, technologies and skills. Set aside some time and evaluate if leaving these gaps unaddressed will hinder your success. If it does, consider how you might fill them. In order to achieve your goals, you may need to allocate additional funds, hire another team member or freelancer, or invest in technology. While this may suddenly sound expensive, you’ll be glad you identified these needs before your budget was finalized rather than incurring unexpected costs down the road.
Budgeting for your marketing team doesn’t have to be complicated, but it’s worth it to take the time and do it right.
Ensuring alignment on both your team and across the business in this process rather than just punching in numbers to get it done, will keep both your budget and your goals on track.
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