The Step-40 is to allocate your brand’s Marketing Budget.
As it’s essential to have an initial budget for developing your brand identity, website, marketing collateral, etc., it is also important that a separate budget be allocated for your brand marketing initiatives. And this should be done in a consistent and continuous manner to make your brand more visible, stronger and top-of-mind. This can be achieved by developing a brand marketing strategy for at least one calendar year and ensure that this strategy is followed diligently to achieve the set sales target.
Your brand marketing budget should take into consideration the monies which will be required to create brand advertisements (print, radio, televion, digital, out-of-home), printing material (brochures, pamphlets, banners), website development, social media marketing, exhibition stall (desiging and execution), etc. The marketing budget will entirely depend on how far, wide and deep would you want your brand to penetrate in the marketplace. Typically the brand marketing budget can be as low as 5% to as high as 20% of your total annual net sales (expected or earned).