How to Budget for Your Brand Strategy in 2023

Before starting the budgeting process, companies need a view of the bigger picture. This article outlines how to build a budget for a comprehensive brand strategy that aligns with corporate strategy, so you can approach the year with a clear vision of your brand’s goals.

Step 1 is to measure the success of last year’s budget and tactics, and identify which parts had the biggest return on investment. Step 2 is to do research to evaluate your spot in the market and know what people are thinking about your brand and competitors. Step 3 is to paint the big picture and implement it, by discussing the goals of the company with executive leaders and using market research to develop new goals.

Investing in marketing increases your company’s share of voice, so tracking key performance indicators for marketing is important. Evaluate past strategies and align them with corporate goals to establish a foothold in the market and chart a path to success.