Target Your Marketing Budget to Company Objectives
Source: Microsoft Tips
Marketing budgets, especially in small and mid-sized businesses, are often arbitrarily set as either n% of planned revenue or n% over the prior year's marketing budget - without considering the objectives to be achieved by that marketing spending. Marketers can use targeted budgeting to more intelligently set their budgets based on the objectives that they are trying to achieve for the company. Using targeted budgeting, marketers negotiate the budget by following a bottoms-up approach with specific spending targeted at specific objectives.