There's a few things a company needs to do when planning for next years marketing budget. The first thing that needs done is organizing last years financial information. In order to do this, you must know how much your company profits each month and the common fluctuations in cash flow. it's important to know what a companies total profit is because that's the money used for growing/expanding your business.
Once you've figured out your marketing budget, you can now begin to find the best possible ways to spend it to create the most ROI (return on investment). When thinking of where to spend this money, you'll want to take into account the budget size, past experiences, and how to best reach your target market. Smaller budgets should stick to smaller smaller ad campaigns like print ads, online/social media ads, etc. you'll want to stick with what advertisements have worked for you in the past, and you'll need to stick with mostly advertising to your "target market" which are people within your service area, old enough to buy your product, etc.
Once you've decided on some advertising media's, you'll have to analyze data and make sure they're increasing revenue. If the new revenue doesn't outweigh the cost of the new advertising strategy, then it's recommended to drop that strategy and try something else.
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