3min chapter

On Strategy Showcase cover image

Ep#1 Planning for Effective Outcomes: "Starting out right" with Mark Ritson

On Strategy Showcase

CHAPTER

Budgets and Objectives Are Set in the Right Way on a Client Side

Budget setting in almost every company more than 90% of the time is wrong. Most marketers will listen to a call about their marketing budget for next year and then work out an advertising to sales ratio that's 10%. So if you're getting 110 million dollar projected revenue, you're getting 10%. That's literally how 90% of companies do it. It comes from a non strategic place. We should put the cart before the horse. We should have a strategy. We should be able to work out what the approximate value of those objectives will be to the firm. And also, how much it would cost for us to achieve those objectives, should we get approval? Yeah. The old word

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