Creative Agency Blog

Why Do Marketing Professionals Ask For a Budget?

By Posted in - Knowledge Base on February 27th, 2013 0 Comments

If you’ve never hired a marketing professional or have always wondered about the process, this post will explain why marketing professionals ask for a budget. To some, it may seem counter-intuitive to be asked for a budget; after all, aren’t the service providers supposed to be capable professionals? While it is true that we can create a marketing plan and suggest a budget that will be successful in getting your project or business to point B, this is not the most productive approach for one main reason:

We do not know the state of your bank account, and therefore could spend a whole lot of time putting together a proposal that is, quite simply, impossible for you to say yes to. And we want you to say yes, because we’re pretty confident in our ability to help you reach your point B.

So how do you know that the marketing professional isn’t simply going to spend every penny of the budget you give them? You should be aware that she almost certainly will. When you give a marketing professional a budget, you’re indicating that you are comfortable spending that amount of money on marketing efforts. The marketing professional will work backwards from the dollar figure you give her to determine what assets and deliverables you can afford to run during the course of your marketing campaign. An added value service that The Beacon Collective offers is that, if requested, we will help you review your financial situation to discover what you can realistically afford to spend on marketing and what should be reserved for operational costs.

There are a variety of things that, when implemented, will cause the cost of even the most usual marketing assets to fluctuate. Here are a  few typical marketing assets with examples of items that would affect a budget:

    • special lighting
    • hair & makeup
    • staffing, such as a stylist or art director
    • professional models
    • post production effects
    • the usage license
    • client login section
    • complexity of animations
    • custom content creation¬†(photos, illustration, copy)
    • forms and databases
    • any special functionality
    • the publication the artwork is being printed in
    • size and number of ink colours used
    • custom content creation (photos, illustration, copy)
    • the number of client feedback phases
    • how much time is spent conceptualizing
    • what size of a run you are doing
    • how many different people in your company will have similar cards
    • paper stock
    • special print treatments such as foil stamping or embossing
    • supplier and print turnaround time

Additional factors including the level of experience and the calibre of the service providers’ clients can also result in cost fluctuations. At The Beacon Collective, we aim to keep clients’ costs to a minimum by implementing cross-promotions with other brands that share similar demographics.

Did you find this post: Helpful? Accurate? Inaccurate? Repetitive? Easy to read? Let us know in the comments section below!

 

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