Determining a marketing budget for a whole year is not an easy task, and if you don't have the data to back up your decision, the company will quickly change your mind. To set an exact amount you will need to know the data from other years and the essential potential customers to carry it out. Here are some of the main elements you will need to consider when setting your budget:
- Set targets.
- Base your budget on performance and efficiency.
- Information analysis.
- Stage your company is in.
- Sales funnel analysis.
n order to reach the desired number of customers it is very important to plan and organize your budget, so that you can set a budget within the company's parameters.
But, how do you determine the amount needed for your budget for the whole year? Easy, the most important thing is to have data and information from previous years.
Approach MQLs to reach your goals
At this stage you will not need to know the data of the leads, but of the MQLs, for those new to the marketing world these acronyms mean marketing qualified lead, in other words a potential qualified customer, the perfect customer.
Once you have determined your MQL, you only need to consult the company's historical revenue and funnel information. Here are the steps to follow so that you can implement it in your company:
- Set a revenue target per quarter.
- Analyze data from previous years within a time frame.
- Measure transactions in each quarter. (How many MQLs were captured and how many were converted to SQL (Sales Qualified Lead).
- Calculation of the conversion rate using the above information. We can also look it up in a measurement program if we have one.
- Consult the revenue generated during a quarter.
- Calculation of the MQL you will need to reach the revenue generated in the last quarter.
It may seem like an odyssey, but if you have the relevant data and you know the market you will be able to set the number of MQLs needed to reach the revenue number. cálculo pero si cuentas con los datos relevantes y conoces el mercado serás capaz de fijar el número de MQL necesarios para alcanzar el número de ingresos.
Time can work against you if you have to get leads quickly. The process of acquiring new customers is long and must go through different stages of the funnel. For this, you will have to take into account two very important leads rápidamente. El proceso de captación de nuevos clientes es largo y debe pasar por diferentes fases del embudo. Para ello, tendrás que tener en cuenta dos métrics :
- The time it takes to be classified as a lead.
- The time it takes to make the first contact with the lead.
Once we know how long it takes to capture, convert to a lead and move to SQL we can keep track of how much time we will need for the number of leads pre-determined in the budget.
Another key métrics to consider is the cost per acquisition, in other words the cost to the company of acquiring a new potential customer. To identify this type of cost it is important to consider the marketing costs involved in the process.
To calculate the cost per acquisition you divide the total marketing cost by the number of MQLs generated in a given period, for example in a business quarter.
For the development of the budget it is essential that the employee takes into account both the acquisition costs and the amount of activities carried out to acquire that lead:
- Google searches.
- Ads on platforms.
- Display ads.
When you start up this calculation process you should always identify a specific quarter and perform all operations in that period so that there are no errors. For example, if your company's accounts are annual and you want to calculate the budget quarterly, you will not be able to extrapolate this data.
Create a budget in your B2B
With all this information, it will be very easy to calculate your budget concisely. However, there is a big disadvantage: when setting a budget based on the strategies of another quarter, the data does not work with complete accuracy as this new period can be subject to change.
As mentioned above, another essential point that every company dreams of achieving is performance and efficiency. For this, there are programmes that help to identify such efforts and thus, obtain data on the performance of each channel, campaign or advertisement.
Here are a few that may be of help to you:
Below is a document created by HelloMrLead with the most important metrics for a company. The annual budget requires a lot of concentration and calculations to get everything right, so implement the metrics and programmes we've told you about and you'll succeed!