If you are looking for an example of a marketing budget plan, this section should be of interest to you. You'll find a ready-to-use template, as well as a development explaining the main steps you need to take to budget the cost of marketing actions in order to complete the marketing budget plan.
The interest of the marketing budget plan :
The Marketing Budget Plan is a detailed roadmap that describes the cost of all marketing strategies and tactics needed to achieve the desired results. As such, it provides an overview of :
- Products and services
- Marketing analysis
- Strategy and implementation
- Management and staff
- The financial plan
How to budget the cost of marketing actions to inform the marketing budget plan :
The design of the budget envelope is an important phase of the marketing plan. Indeed, it fixes the means for a successful launch of your actions and the control of the associated costs.
How to arrive at a relevant costing?
Several approaches are possible. To summarize, you can start from a budget envelope and select the actions accordingly. Or, conversely, you can build your budget from projects.
In practice, we often find a mix of both. Round-trips resulting from trade-offs between actions and amounts to be spent
- Here is an example of how to build a budget marketing plan :
- Go back over the current year's expenses/projects (project them if not all of them have been committed) to know which ones will be renewed the following year.
- Estimate the cost of the new projects retained within the framework of the marketing plan: market research, launches, communication campaigns, commercial actions...
- Total the whole in a marketing budget plan.
- Compare this forecast with the previously defined target. Use other indicators to help you make a decision: relate the budget to the turnover, calculate the return on investment, etc.
- Define the scope: the estimates give rise to trade-offs leading to the abandonment of certain projects or, in the case of others, a reduction in their scope.
- Finalize the marketing budget
Download the Marketing Budget Plan Template by clicking on the Toolbox tab, in the marketing section.