How to Set Your Marketing Budget
It’s a new year and it’s time to set marketing budgets!
Looking for guidelines to follow? First, clarify your marketing objectives. Then you can weigh the importance of achieving those objectives relative to other budget items. The general rule of thumb is marketing expenditures should be between 2-10% of sales. However that’s a very broad guideline and certain factors may call for exceeding the top end of that range, up to as much as 30%. Once you’ve set your overall marketing budget, allocate the money across different media and programs with an annual plan and the 70/20/10 principle.
For all the details, check out my latest QSR Magazine column, It’s Budget Time!