Budgeting for Success

If your firm is blessed with an ever-flowing supply of cash, then maybe you don’t need to worry too much about your marketing budget. For the other 90%, the challenge essentially boils down to a continuous tug of war between idealism and reality. When it comes to the approval process, it takes more than a quick spiel and a handout to win over your partners and finance team. A comprehensive strategy and thorough detailing of costs and returns is vital to gaining support and securing funds for you and your team.

According to the general rule of thumb, a marketing budget will comprise 3-5% of the company’s overall revenue. But the fact of the matter is that many of us are functioning off a lot less than that, and for a good number, the allotment amounts to much less. So how do you confront your partners when you need more money for that banner campaign, or you really need to hire a full-time coordinator? Here are some tips that may help you approach your budget requests with a little more confidence and strategy.

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