Creating the annual marketing budget can be a challenging and overwhelming process. With the right framework in place, it can become a strategic asset. This article explores practical tips to help navigate the process. Appoint a lead to run the budget process, prioritize costs based on impact and relevance, and avoid hard-coding budgets. Open communication between marketing and finance is key to ensure dollars are allocated to the highest-priority initiatives that will drive business impact. Doing so will help marketers feel confident about the amount of money they have available to spend and the process by which their money was allocated.
Originally reported by Martech: https://martech.org/3-tips-to-tackle-the-annual-marketing-budget-challenge/
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