You need concrete data to support what gets written down in your marketing budget. How do you know a tradeshow booth costs $2,500? You better have gotten a quote from a reputable booth vendor to get that number. You must understand the costs you incur as a business.
Sometimes this means working with the accounting department to figure out what you’ve spent in the past and identify the total costs of certain activities/events. Think about software costs, too like social media platforms, scheduling programs, or your CRM.
Use your experiences and analytics to get a basis for your budget, but then do some research. Think industry standards, competitor efforts, vendor price lists, digital platform costs, etc. Don’t forget to talk to your vendors about what you may want to do, too. They can help you build out your plan and budget for the year. You’ll want to make sure you can reach the goals you’ve set with the budget you write down.