At Fisher, we are big believers in understanding your marketing budget. After working with fortune 500 marketing departments, our Partner, Erin Gordon developed a marketing budget template suited for any organization.
Step 1: Develop your marketing margins. Most companies are spending 1-5% of gross income annually on marketing, not including salaries. Then you will need to check your marketing margins to make sure you are maintaining a minimum of 15% profit margins on your service or product.
Step 2: Gather all your marketing expenses. This would include marketing software, salaries, print materials, etc…
Step 3: Use this template to develop your annual marketing expenses and projections.
Step 4: Have your financial team report on each category to make sure you are staying on course with your marketing budget.