Where Does the Money Go?
Financial Planners like to say people spend more time planning their vacations than their retirement. The same may be said for businesses and marketing. Most companies buy their advertising and marketing on an ad hoc basis. They look at each individual campaign and make the decision to proceed or not.
A more efficient way is to look at projected revenue for the next year, apply the percentage recommended for their industry to use on marketing and fine tune for the specific circumstances surrounding the business. This produces a working budget. Having a budget allows a company to obtain the best rates and campaigns. Like most things in business, it’s simple but not easy.
Then again, that may be said of most things worthwhile.