1. The best marketing budgets start with new ideas about what Marketing is
In short, they understand marketing and best-in-class marketing budgets aren’t what they used to be. And without the adoption of current ideas about marketing—without a new conceptualization of marketing—your organization will be stuck with an old budget from a different marketing era.
2. The best marketing budgets match your growth stage
The biggest factor determining your best-in-class budget is your business’s growth stage: Companies that are stable and looking only to maintain their position in a market should have a budget that’s very different from the budgets of those that are looking for very fast growth.
3. The best marketing budgets are flexible
Having a set budget is great, sure, but Marketing is in a constant state of flux. Tools, channels, and trends change every day, and it’s hard to keep up if your budget is too rigid. The final key to best-in-class marketing budgets, therefore, is their ability to change with their environment.
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