The process of developing and overseeing a campaign for a company's advertising or marketing program can be broken down into these five steps that a marketing manager must oversee or personally complete: determine objectives; establish a budget; evaluate and select an agency (if you decide to go that route); manage the program; and monitor the program and assess its effectiveness.
Generally, the intent of marketing, and advertising in particular, is to establish a brand image and develop product awareness by providing valuable information for prospective customers. In addition, persuasion is part of complementary marketing efforts to encourage action on the part of customers (i.e., make a purchase).
You will have to create goals tailored to your business's needs. For example:
- One company's goal for its advertising program may be to gain brand awareness and customer loyalty, increasing customer retention 10%.
- Another company's goal may be to increase sales by $5.2 million by the end of the quarter.
Your objectives should always be realistic and achievable while maximizing profitability.
Several useful methods of creating a budget might fit your brand's needs and strategy.
A company's leaders or marketing managers decide on a budget at a level they think should be spent or believe the firm can afford, which is also referred to as the arbitrary allocation method:
- Advantage: The decision-makers are supposed to be experts in the field and thus their decision may be appropriate.
- Disadvantage: The decisions and judgment are only as good and efficient as the people making it.