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Industry Marketing Cost Data: Collection & Examples

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  • 0:00 Importance of a Budget
  • 0:35 Marketing Cost Data Research
  • 1:32 Efforts in Action
  • 2:38 Strategic Solutions
  • 3:37 Putting Together a Plan
  • 4:39 Lesson Summary
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Lesson Transcript
Instructor: Kyle Aken

Kyle is a journalist and marketer that has taught writing to a number of different children and adults after graduating from college with a degree in Journalism. He has a passion for not just the written word, but for finding the universal truths of the world.

This lesson will show you how to develop a budget for your company's marketing plan. This information is important to estimate costs for sections of the budget, especially for new marketing avenues. Learn what areas to target for finding industry marketing cost data that will help generate a realistic budget.

Importance of a Budget

Budgeting is a necessary planning tool for all aspects of a business. The marketing department is no exception. This lesson provides information about marketing cost data collection to help generate a budget. When adding new avenues for marketing, having a reliable cost estimate is valuable for determining a realistic budget. Cost research also helps adjust existing budgets.

Before writing the budget, it's important to research various industry costs and your business' reliable disposable income.

Marketing Cost Data Research

There are several types of industry research avenues related to marketing cost data. Let's look at some of these.

Marketing research includes looking at your product and current competitor products and researching into future products for trends and costs. It also includes finding data on distribution channels.

SWOT analysis: strengths, weaknesses, opportunities, and threats in relation to your company. When looking closely and honestly inside your company, find the strengths and weaknesses. When looking at the outside industry, examine the opportunities and threats.

Internal marketing costs refers to what your company actually spent in the past on marketing in various areas. For example, how much was spent on TV advertising, print advertising, website pop-up ads, or other forms of promotion? If the company uses the same entities for marketing, costs can be based on past expenditures that factor in a 'cost of living' increase.

Efforts in Action

Marketing strategy and research isn't just for textbooks. Companies utilize these strategies every day to increase profitability. For example, a digital marketing company must go through a checklist for each client. First, research is done to see the demand for the client's product or service. The marketing company then finds out which demographic they need to target for their ad campaign. This even helps our marketing company know where to show the ads.

The SWOT analysis is also essential in the process. The marketing company would review where their client shines, where they have opportunity to grow, and where their weaknesses need to be reinforced. Then, our marketing company would analyze the competition or threats and come up with a campaign that highlights the good and improves the bad.

Lastly, our marketing company must come up with a marketing cost estimate to employ this strategy. Part of the point of doing all of the research and finding points of interest is to make the campaign as efficient as possible. Once our digital marketing company arrives to an agreeable budget range for the client, they can execute their advertising plan with ease.

Strategic Solutions

All forms of marketing and advertising that your company plans to use and/or continue using need to be included in the budget. Remember to include costs such as marketing staff salaries, cost of retaining outside marketing research, advertising company funds, and the costs for actual promotion.

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