What are Budget Priorities?
- An estimate of what investment is needed to deliver your brand’s Marketing Plan - Priorities, Tactics & KPIs
Steps
- Start with your Priorities, Tactics & KPIs
- Estimate the Cost of Activities for each Tactic
- Calculate Total Estimated Budget & Priorities
- Determine Marketing Budget as % of Revenue
- Review & Refine
Start With Your Priorities, Tactics & KPIs
Estimate the Cost of Activities
- Add all Tactics to the “Budget by Tactic” sheet
- Add estimated costs for the activities needed to execute each Tactic
- Add notes to explain breakout/costs if needed
Calculate Total Budget & Priorities
- The “Budget Overview” sheet sums all of the costs = Estimated Budget
- It also calculates Category % of Total Budget = Priorities
Determine Budget % of Revenue $
- Add Total Revenue $ for the same period as the Estimated Budget
- New Brand = 12% to 20%
- Established Brand = 6% to 12%
