If you’re like many marketing professionals in manufacturing and supply chain, you’re expected to extend your Sales team’s reach, fill their pipelines, and shorten the sales cycles.
No simple tasks. Yet, by wisely using a marketing budget template, you can reach your marketing goals, even if the numbers in that budget aren’t exactly inspiring.
With a limited marketing budget, your selected tactics must be effective and tightly aligned with sales and, most importantly, business growth goals. It’s vital to compare where your budget is being spent against the results of the channels being used.
It’s easy to second guess tactical choices if it’s difficult to calculate ROI or if part of your marketing plan is experimental or unproven — and it’s understandable why executive stakeholders might be hesitant to commit appropriate funding for marketing strategies if you can’t demonstrate results.
After creating a marketing budget, you’ll clearly identify your goals and understand what it will cost to achieve them, as well as have a roadmap against which to measure the performance of channels and tactics in your annual marketing plan.
The Guts of a Marketing Budget
Instead of your challenges limiting your growth opportunities, use marketing budget templates and other budget planning tools to help you prioritize and identify the right investments to make in various areas:
While a bit dated, these 12 ready-to-use marketing budget templates include a simple yearly budget, website budget, social media marketing budget, and sample marketing budget. These detailed and colorful marketing budget breakdowns help outline where money is being spent.
HubSpot provides detailed instructions on how to use these 8 marketing budget examples, and each template has interactive charts that populate from the numbers entered. There are columns for both projected costs and actual figures, so you can track your progress throughout the year.
Specifically designed for a content marketing budget, this template helps you track your progress with standardized views such as actual vs. budget, spend on marketing summary, and category breakdown. A separate marketing budget tool expands to monitor all marketing plan expenses beyond content.
This marketing budget template for Excel is built to help launch a campaign and keep it on target. A simple, strategic tool, it provides a structure to your budget and helps you spend effectively across all your marketing channels.
A simple spreadsheet helps you outline your annual marketing budget, breaking it up into quarters and providing recommended itemized lists for marketing expenses. Sections include brand development, public relations, advertising, website development, market research, sales, events, and travel.
This template lists categories and calculates your balance each month in addition to your overall annual budget. Helpful and color-coded, it uses placeholders with figures based on a hypothetical budget. Simply replace them with your own numbers, and you’re off and running.
Choose Excel, Google sheets, or a Gantt chart and then begin to manage your marketing projects. Another option is using the professional, ready-made GanttPro software, allowing you to customize to your needs.
Align Your Marketing Budget Plan With Business Objectives
In some companies, marketing is seen as a cost center. In order for your marketing to be seen as an investment, like the R&D team, you need to ensure your marketing budget aligns with corporate objectives.
Establishing your goals, marketing plan, and budget around your organization’s sales funnel — and knowing your true operational costs — are ways to ensure you’re in alignment with business growth objectives.
Once you’re in alignment and your budget is approved, be sure to implement a regular reporting cadence using your marketing budget tool of choice. If you’re using a marketing automation system, such as HubSpot as your website CMS and your CRM, you can easily track and report marketing ROI from a single system.
Also think about the format of your reports to leadership — you must speak the language of those authorizing the overall cost of your annual marketing plan, not only in the budgeting stage but throughout the year. They may not see the connection between expanding your knowledge base or increasing content development and the impact on number of opportunities and closed deals.
But showing how those tactics positively impact sales revenue in a clear and concise manner fosters continued support of your inbound marketing initiatives. Need insights on creating an annual marketing plan? Look no further than our Annual Marketing Plan Template & Resource page; it’s loaded with helpful tips and tools.
Posted by Amanda Retzki Amanda Retzki is an Inbound Consultant at Weidert Group. Well-versed in digital marketing, Amanda assists in developing insightful, detailed and collaborative inbound marketing solutions for clients in a variety of industries.