To define your budget, it is essential that you understand what company you are in and what phase of growth
Posted: Tue Dec 17, 2024 6:32 am
Obviously, setting your budget is always a complex moment, and before you start you have to understand and define what your annual objectives will be . These can be defined top-down (The CEO, finance and/or operations define company objectives to which Marketing has to contribute xx%) or bottoms-up (Marketing analyses the market potential and opportunity and defines objectives based on this) depending on the company you are in. Generally, it is good to carry out both exercises to see if there are interesting opportunities not contemplated or large discrepancies that could cause problems in the future.
The next step is to understand what type of telegram number list company you are in and what phase of growth it is in . Setting a budget for a large, monolithic and mature corporation is not the same as doing so for a small start-up looking for Product-Market Fit without many resources, or even a scale-up looking for growth at all costs.
Once you have this clear, you will have to determine what type of channels to invest your budget in and what percentage to save for channels that provide long-term returns or are simply trial and error channels , in order to learn and find future growth opportunities.
Finally, and most importantly, don’t work alone . On the one hand, rely on your team and experts from each channel to help you be more precise and involve them in this exercise. On the other hand, if you haven’t already, build relationships with the finance department so that they understand your objectives, agree (yes, it’s very important to have buy-in from finance here) on the metrics you’re trying to move, and help you build the budget .
The next step is to understand what type of telegram number list company you are in and what phase of growth it is in . Setting a budget for a large, monolithic and mature corporation is not the same as doing so for a small start-up looking for Product-Market Fit without many resources, or even a scale-up looking for growth at all costs.
Once you have this clear, you will have to determine what type of channels to invest your budget in and what percentage to save for channels that provide long-term returns or are simply trial and error channels , in order to learn and find future growth opportunities.
Finally, and most importantly, don’t work alone . On the one hand, rely on your team and experts from each channel to help you be more precise and involve them in this exercise. On the other hand, if you haven’t already, build relationships with the finance department so that they understand your objectives, agree (yes, it’s very important to have buy-in from finance here) on the metrics you’re trying to move, and help you build the budget .