Setting a Marketing Communications Budget

You know what a budget is and that you need to keep your spending within your budgeted amount so as to not go over budget. But how do you set up that budget in the first place? What’re the key questions that you need to answer when you’re coming up with your budget? We’ll take a look at five key methods to use when developing your marketing budget: Allocated Budget, the Objective and Task method, Competitive Parity, Percentage of Sales, and the Life Cycle approach.