Your marketing plan should include a budget that
indicates what you plan to spend on research,
collateral materials, promotions, advertising
and events.
It’s typical to set aside a portion of gross
sales from the previous year—often about 2
percent. But if you’re starting a new company or
launching a major new product line, you might
want to spend as much as 10 percent.
One or two quarters after conducting an ad
campaign, promotion or event, measure its
success. Look at sales, market awareness or
other significant categories to see whether your
efforts paid for themselves or made a notable
difference in the progress of your marketing
objectives. Keep in mind, though, that achieving
your goals will take time and a combination of
strategies.
