Budget, Tools, and Resources

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To manage resources effectively, the plan should include a budget breakdown, allocating funds for specific campaigns, tools, and other expenses. You can choose from the following budgeting methods popular for planning and structuring an online marketing strategy:

Percentage-of-revenue method that stands for the allocation chinese student data of a percentage of projected revenue (commonly 5-10%) to digital marketing efforts, balancing investment with expected business growth.
The objective-and-task method suggests starting with defined marketing goals, then estimating the costs to achieve them, and, in the final stage, allocating the budget accordingly. This method ensures resources are directly tied to strategic outcomes.
The competitive parity method bases the budget on competitors' spending, as it presumes that similar fund streams and allocations allow you to remain competitive in the market while matching expenditures to your unique goals.
Historical data method use past marketing performance and spending data to estimate future budgets, adjusting for market changes or potential new objectives.
Zero-based budgeting starts from zero for each campaign, justifying every expenditure based on its expected contribution to marketing goals.
Regardless of the model you'll bet on, your budget should include (among others):

the technologies and platforms needed , such as analytics software (like Google Analytics), marketing automation tools (like Zoho), CRM systems (like HubSpot), etc.,
advertising costs (spending on paid campaigns across platforms like Google Ads, Facebook Ads, or LinkedIn Ads, including A/B testing, retargeting, and ad creatives),
content creation and design , eg, budget for developing high-quality content, including copywriting, video production, graphic design, and hiring freelance creators or agencies when needed,
training and development , encompassing funds set aside for upskilling your team, whether through courses, certifications, or attending relevant conferences and workshops to stay updated on marketing trends and tools.