Effective planning of resources and budget is crucial for achieving your annual growth goals in marketing. In this exercise, we will use the provided Google Sheet template to guide you through the process of planning your marketing budget. By following the steps outlined below, you will gain insights into resource allocation, budget distribution, and the requirements needed to achieve your growth objectives.
The goal of this exercise is to help you plan the resources and budget required to achieve your annual growth goals. Using the provided Google Sheet template, you will go through a bottom-up budget calculation, considering factors such as previous performance, revenue goals, and investment opportunities. This exercise will provide you with a comprehensive understanding of how to allocate your marketing budget effectively.
Instructions & Resources
Access the Marketing Budget Planning Google Sheet Template
- Open the provided Marketing Budget Planning Google Sheet template.
- Familiarize yourself with the structure and layout of the template, including the different steps involved in the budget calculation.
Gather Last Year's MQL and Closed-Won Reporting Data
- In the Google Sheet template, go to the "Sandbox dataset" tab.
- Obtain the MQL (Marketing Qualified Lead) and closed-won reporting data from the previous year.
- Enter the relevant data in the corresponding columns to establish a baseline for analysis.
Aggregate MQLs, SQLs, Won, Revenue, and Spend by Source
- Proceed to “Step 2” on the "Bottom-up calculation" tab in the Google Sheet template and replace the data with your own, or use the provided example dataset.
- Aggregate the MQLs, SQLs (Sales Qualified Leads), closed-won deals, revenue, and marketing spend by source or channel.
- Use this data to evaluate the performance of each source and identify areas for potential investment or optimization.
Calculate MQLs Required to Meet This Year's Revenue Goal
- Move to the "Step 3" tab in the Google Sheet template.
- Calculate the number of MQLs needed to achieve this year's revenue goal based on historical data and growth targets.
- Enter the calculated MQL target in the corresponding column.
Determine Sources to Invest More in to Achieve the MQL Target
- Navigate to the "Step 4" tab in the Google Sheet template.
- Analyse the MQL target and consider which sources or campaigns require additional investment to meet the target.
- Adjust the "Spend increase" column to match the MQLs with the goal, aiming for a zero difference.
- Evaluate the potential impact of increased investment on the achievement of your growth objectives.
Identify Resources and Metrics Needed to Achieve the Goal
- Proceed to the "Step 5" tab in the Google Sheet template.
- Perform a bottom-up calculation for each medium or channel to determine the required resources and metrics.
- Consider factors such as headcount, software, contractors, and other resources needed to achieve the revenue goal.
- Evaluate the feasibility and cost-effectiveness of the resource allocation plan.
Review and Optimise the Marketing Budget Plan
- Analyse the compiled information in the Google Sheet, considering the resource requirements and budget allocation.
- Assess the overall feasibility and alignment with your growth objectives.
- Identify opportunities for optimization, cost savings, or efficiency improvements within the budget plan.
- Refine the budget allocation as needed, ensuring that it aligns with your growth goals and available resources.
Note: Throughout the exercise, make sure to document your observations, key findings, and any notable insights within the Google Sheet. This will serve as a valuable reference