We are Christina and Peter Pilarski, founders and leaders of CIPR Communications.

As we go deeper into our discussion of marketing budgets, we refer back to the business goals that form the foundation of your marketing strategy. One of the most common mistakes that people make is simply to come up with a number that feels right and call that their marketing budget. This number might represent what’s left over after other costs are covered, or perhaps it’s simply what a business feels comfortable spending. In our experience, you can’t set a marketing budget in this way. It needs to be strategic, purposeful and driven by your business goals.

Each cost in your marketing budget should be linked to one of your goals

We’ve talked before about the importance of every marketing tactic and action being directly correlated to your business goals. Each tool and tactic you choose to use should be treated as an investment that you expect to pay off in the form of specific business goals. Ask yourself what objectives you want to meet in a particular period – month, quarter or year – and what tactics you will need to use to achieve them. Then look at the costs of those tactics and assign your budget accordingly.

Also, think about long-term and short-term objectives. Once you have your business goals and marketing wish lists worked out, consider first investing in short-term goals which, if realized, can generate resources that you can then reinvest into larger, long-term goals.

In short, your business goals will always tell you where your marketing focus needs to be. Your goals will help determine the right marketing budget each month, quarter, and year.