How to set up a marketing budget from scratch

Photo credit: Sharon McCutcheon

Established companies tend to take last year’s budget and increase it by inflation to get to next year’s: not a great process in any case, and useless for a new venture without any precedent…!

Take a percentage of sales maybe? why not. 5%? 10%? That top down approach might give you a (fairly random) overall number but no clue whether it is the right amount or how to spend it, so let’s…