Budget
Budget – Where? How Much? Why?
In the fifth phase of the advertising concept, a rough budget is drawn up—on the one hand as a consequence, and on the other as a means of verifying feasibility. This allows for the possible revision of previous marketing decisions or individual planned steps/measures. Often, the main reason for an adjustment is that the funds available are insufficient to implement the marketing strategy.
The following items should be included in budget planning:
- Creative and production costs for advertising materials/templates
- Media costs, placement costs for individual media
- Shipping or distribution costs
- Costs for external services such as consultants, graphic designers, etc.
- Contingency fund for unforeseen expenses
Tips for budget planning
– The fewer measures/channels you choose, the more effective the campaign will be.
Because: This helps avoid wasteful reach = unnecessary costs and makes it easier to maintain an overview.
– Plan early.
Because: As always, something unforeseen will happen at some point or in some place, so it’s good to have some time and budget reserves.
– Get quotes.
Because: It pays to compare. Sometimes there really are cheaper providers for the same service.
– Leverage experience.
Because: Insights from past campaigns help you optimize. Take the time for thorough analyses and performance reviews!
The Big Goal
What to keep in mind to ensure you actually reach your goal
Important: Make sure your marketing expenditures are in optimal proportion to your planned reach and that you factor in all associated costs in your calculations. Since the goal is the big picture, it helps to remind yourself at this point of the MAIN GOAL of an advertising campaign—or rather, of the marketing concept:
The right product, at the right price, in the right place, with the right promotion.
Another perspective on the budget
