Planning your marketing budget in 6 steps FOR NEWBIES

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A marketing budget is the sum of money you choose to spend on advertising your online business.
To plan your budget, you should start with setting a goal, i.e., what you plan to achieve with advertising. Make it a concrete and measurable objective rather than a vague description of improvement.
After that, set your total budget, i.e., the maximum sum you can spare. To make your business grow, you might want to spend up to 20% of your revenue.
Now it’s time to choose promotion channels. For newcomers, Facebook, Instagram, and Google Shopping are the best options because they’re easy to manage.
Since marketers usually choose several channels for a single advertising campaign, you’ll have to split your marketing budget between them in various proportions.
During the campaign, monitor its progress. Keep track of what’s going on in your niche to make use of recent trends like new topics, issues, or even viral memes.
After the campaign is over, analyze the results to see if you achieved your goal. That is why it’s important to set goals that can be accurately measured. To get precise data, try using:
· UTM codes to track your traffic
· Email marketing software to measure open/click rate and the number of unsubscribers
· Social media analytics tools to measure the number of likes, shares, comments, etc.
If you failed to achieve your goals, then the campaign needs some changes. Don’t expect different results with the same tools. Think up something new.
That is how you create a marketing budget plan.

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