Marketing Budget/Strategy for B2B vs B2C/Influencers
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A) What is the most effective method to determine an appropriate marketing budget? What considerations would help to maximize that budget?
B) The advertising strategy of the business to business market has differences with the business to consumer market - each is unique. How do you think your strategy or process would change from a B2B market vs. a B2C market? Or, would it be the same?
C) In some markets experts, consultants, professionals, or simply market leaders could be influencers. These segments need to be treated differently. What strategies might be effective?
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Solution Summary
This solution considers how to create an appropriate marketing budget, changing from a B2B market to a B2C market, and the different ways of dealing with segments within markets.
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A) What is the most effective method to determine an appropriate marketing budget? What considerations would help to maximize that budget?
The number one consideration is the amount of money a company can afford to pay based on current commitments. In some companies there simply isn't very much left once obligations have been handled to budget for marketing.
However, other ways to determine marketing budget include:
1. Reviewing last year's budgets and cutting or adding to it based upon results and market needs.
2. Using a set percentage of sales or net revenues to determine the marketing budget. Often organizations pick four percent (excluding personnel costs). This is problematic in that your sales may not be what you need or want them to be so your marketing budget will not be adequately large.
3.Deciding to spend more than the competition. This is difficult to determine and still a random way to do business.
The best method is called blank page budgeting in which you decide how much to spend based on the marketing methods and amounts you wish to use, and the predicted outcome of these efforts. In this manner you can base your budget on desired market share or set objectives, as a ...
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- BA, University of Southern California
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