Marketing Advice : How to Develop a Marketing Plan
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Marketing Advice : How to Develop a Marketing Plan

Hi, I am Mike Mitchell, and today I would
like to talk to you about how to develop a marketing plan budget. When you are developing
a marketing plan for any business, either large or small, the biggest aspect of your
marketing plan is really how much money you have to spend. And for this budget, you would
again, break the costs down by calendar year, plus the various events that you want to advertise
in, and you need to calculate how much money you have to spend for all of these various amounts. You generally
would have a total percentage of your income, and you would divide it up according to the
various events that you have. Now some events in a marketing budget will be very large and
very expensive. Others will be very small. You are really going to want to have a very
detailed, as much delineated plan from the very beginning so that you know exactly what
you are spending your money on, and how much each of those is. Now, whatever you do, you
have to remember that whatever money you spend, it always needs to have some sort of effect
or outcome. And the biggest outcome for any business is potential customers. So, as part
of marketing plan budget, normally any marketing plan budget is really only good after two
or three years because you are always experimenting with new marketing plans and advertising effects,
and you really do not know the first time whether something is going to be effective
or not. But when you review your marketing plan at the end of each year, you have to
decide whether the money that you spent on that particular event was effective and generated
customers. If it is not, then you will delete it from the budget the following year.

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