Setting a marketing budget

Last month Joe explained that setting a budget is essential before preparing a marketing plan. But how do you set a budget? What is a realistic spend on marketing?

For those of us working for others usually our budgets are set, or increase year-on-year, or based upon a calculation that says “it will cost you XX to do this so we will give you XX plus a bit more” (or more likely a bit less). But if you have a blank sheet of paper then how do you calculate a suitable budget? Continue reading