The sixth step in creating a market plan is to set your marketing budget.
The marketing budget is the amount of money allocated for marketing activities. Your marketing budget should be realistic, flexible, and in line with your business goals.
To set your marketing budget, you can use various methods, such as:
- Percentage of sales method, allocating the marketing budget based on a certain percentage of expected or achieved sales.
- Goal and task method, allocating the marketing budget based on the goals to be achieved and the tasks to be performed to achieve them.
- Competitive method, allocating the marketing budget based on the budget used by your competitors.
- Experimental method, allocating the marketing budget based on experiments and tests conducted to determine the effectiveness of various marketing strategies.
By setting your marketing budget, you can manage your business finances better and avoid wasteful spending or insufficient funds.
7. Determine What Doesn’t Need to Be Done
