Building a B2B Marketing Budget
When developing a B2B marketing budget, there are two key perspectives to consider. External factors are vital to keeping updated on new trends and innovations as well as staying abreast of competitors positioning and campaigns. It is also important to understand predictions from industry analysts and trends in marketing spend within your industry. Equally important, is the evaluation of internal factors such as overall company goals and objectives, sales plans, and the results of the current year’s marketing initiatives.
External Budget Considerations
Annual B2B marketing budget planning is an excellent time to research new innovations in the marketplace. It is a necessary review that often gets overlooked throughout the year due to day-to-day workloads. These new technologies can be game-changers for you in the year to come so do your due diligence and learn which new approaches might be right for your business.
Stay current with industry analyst reports for your industry. These reports are invaluable for learning about changing market conditions, budget trends, and competitive product innovations. You can also read forward-looking papers to learn about predictions for the year ahead. Read industry papers not only from your company’s industry, but from marketing experts. These reports discuss initiatives that have been working in the B2B space and those that have not.
Consider how your competitors are going to market. Review their websites, follow their social media accounts, talk to your sales representatives who get first-hand information from the field. This is valuable information for you to collect as you formulate your plan and determine your B2B marketing budget.
Internal Budget Consideration
From an internal perspective, the first step should always be understanding the overall business goals for the coming year. Marketing’s purpose is to support the business and help enable the company to gain new customers and increase revenue. Alignment with sales is the most critical as marketing and sales must be working from the same playbook to be most effective, however, alignment should encompass all department heads and the executive team.
Finally, review the current year’s marketing plans and results. Evaluate budget allocations and determine if they were effective. Compile all the information you have collected internally and externally and decide where to place your bets and ensure you have appropriate funding to successfully execute.
To read additional recommendations on building your B2B marketing budget, download the guide: “5 Critical Steps for Planning Your 2018 Marketing Budget” or contact us to request a complimentary marketing audit.