Download easy to download and use template for Marketing budget format in excel and spreadsheet. This template is useful to manage and allocate finances for marketing department. Also, you can decide your revenue goals. It is helpful to Marketing heads, General Manager, Managers, and Team leaders.
A Budget is a quantitative expression of financial plan of company in any period of time. The budget expresses the strategic plans of business units, organizations, activities, or events in measurable terms. Budget is often understood as “Annual operating plans”, “Annual Plans” and many other financial nomenclature.
Understanding Marketing Budget
A marketing budget is a document that records a specific amount of budget for different activities of a marketing department for a period or financial year. It may be quarterly, half-yearly, or yearly.
Normally, marketing activities includes branding, promotions, giveaways, events, commissions, salaries. These expenses are not limited to these expenses. Different type of organization has another kind of expenses.
Importance of Having a Marketing Budget
The marketing department acts as one of the main pillars of any organization. This department is responsible for creating a public image of the brand, product or services. This department is expected to be pro-active in their approach so that company can leverage the trends and emerging technologies. Thus, a good performance of this department, the better the revenue figures.
In today’s competitive world, most small and mid-size companies and even start-ups fails due to lack of proper marketing plan and strategy. Their products are good but are not properly placed in front of the users. Hence, sales are stagnant or downward inclining. This is like having a car and not putting gas into it.
Hence, it is necessary to the allocate money for promotion and marketing costs. Many companies allocate considerable amount of money for marketing.
Furthermore, allocating a specific amount helps us to prioritize and focus on marketing activities. It helps us to track our return on investment. Generally, companies use 5% – 10% of their revenue on marketing. This can be a good start.
Types of Marketing Expenditures
Traditionally speaking, there were a few regular expenses in marketing. But with the digitalization of marketing activities, a variety of expenses are now added to the list. With emerging new social media platforms and how people perceive knowledge, the whole marketing perspective and dimension has evolved.
Some Marketing Budget expenditures to consider
- Online Branding websites
- Media budget
- Crisis in Management
- Automation of tools
- Self and Staff Travel expenses
- Video conferencing
- Digital Marketing budget
- Content Creation
- App Store Optimization (ASO) services
- Personalized Gifts and free samples for customers
- Business cards Expenses
- Brand Collaborations
- Consultancy fees
- External Events Participation
- promotional budget
- Search Engine Optimization (SEO) services
Good practices for allocating marketing expenditure
Now let us look into few steps in a macro level to allocate your budget for marketing properly –
- Define your marketing goal that is branding, Lead Generation, or sales.
- Define the proportion to spend on each activity.
- Write a 12-month plan.
- Moreover Determine which advertising channels to use.
- Track results of each activity in the past and current to set out the best arbitrage.
- Subsequently Allocate the budget based on results to make the best of your spending.
Download and use Market Budgeting Format in Excel
To use this free Market Budgeting Format and Excel Template, you should have Microsoft Office/ Microsoft Excel installed in your system.
After installing Excel or Spreadsheet, download the zip file of this template, extract the template using WinRAR or 7Zip decompressing software.
Once extracted, you can open the file using Excel and start entering data or customizing the template. You can customize the currency, color scheme, fields in this excel template as per your requirement.