Budgeting is one of the first things you should take into consideration when establishing a marketing strategy. It is one of the most important steps in the process and is a critical component to achieving an acceptable ROI. The significance of this topic begs the question from many clients, how do I set an appropriate marketing budget?
Our healthcare marketing firm recently released this infographic explaining budget setting for B2B and tech companies. It is important to remember that over- or under-estimating the marketing budget could lead to financial difficulty or insufficient revenue, which is why an accurate marketing budget is so important.
A common method for setting marketing budgets is based on a percentage of revenue. The average marketing budget for B2B technology companies is 3.6%. We’ve used the chart in this infographic as a guide to implement many successful marketing plans for our healthcare and technology clients throughout the years.
Of course, these numbers are estimations and may not be optimal for every business. Be sure to consult with an experienced technology marketing company before setting a marketing budget.
To learn more about our marketing strategy, budgeting, and merger and acquisition marketing plans, visit Clarity Quest’s healthcare & tech marketing website, or call 877-887-7611 to request a quote.
Author: +Brian Shilling