Marketing Budget Planning, For 2009―And Beyond

It’s a little past the beginning of the New Year and many companies’ marketing budgets have already been established―or have they? With increasing uncertainty in the economy, some budgets may be in limbo until other important business decisions are made. Nevertheless, an ultimate budget number will need to be determined.

At Maricich, we focus on marketing lifesaving brands—those in healthcare, medical, pharmaceutical and safety categories. And some of these clients operate on fiscal years vs. calendar years, which means that people are planning their marketing budgets at various times throughout the year. This overview on marketing budget planning may be helpful for those who are currently in planning mode.

BEFORE YOU BUDGET, Ask yourself a few questions:

• Who are the customers you’re trying to reach?
• What stage of business are you in?

• Do you need to attract new customers, or is your focus on retention?

• What are your objectives?
• How often do you need to reach your audience?
• What do you think is the most compelling way to reach them?
• How much do you think your competitors are spending on marketing?
• How much have you spent in the past, and did you get results?
• How much can you realistically spend?

Answering these questions will help you pinpoint the specifics of what you’re seeking from a marketing campaign. From these answers, you can research the costs associated with specific tactics, and frame out the numbers on paper. For more comprehensive info on this topic, Maricich has written a strategic white paper, entitled “5 Guidelines for Establishing Your Marketing Budget” , which is available for download.