4. Measure ROI and track your marketing budget
To quote Peter Drucker, “If you can’t measure it, you can’t manage it.”
Tracking your marketing metrics helps you avoid overspending on marketing strategies that aren’t effective. It’s how you measure your return on investment (ROI) — the most critical aspect of your marketing budget.
So, based on your marketing goals set initially, keep an eye on your ROI monthly to ensure you’re making the most of your budget.
Time to plan your budget
Marketing is a must for businesses big and small, especially the latter. Developing a marketing budget starts with setting clear goals and building your marketing strategy.
Keep monitoring which tactics and campaigns drive the highest ROI and which marketing channels aren’t worthwhile for your business.
Finally, keep revisiting your marketing budget every three to six months to refine your strategy and improve your marketing ROI continually.