How to Track Your Marketing Budget
Tracking your marketing budget is key to gauge its success. There are dozens of marketing budget tracking tools, though many businesses simply use Microsoft Excel, which is sufficient for the task.
Create one line item per campaign that notes the campaign name and invested amount. Include the salaries of the involved employees and the total time it took to complete each campaign. Note where campaign and time adjustments are necessary.
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Create one line item per lead with the date, lead source, campaign, assigned sales rep, notes, status and revenue generated.
When adjusting your marketing budget and tweaking a strategy, go slow, adjusting one key variable at a time. Something as simple as changing a photo on a Facebook ad and increasing its budget by just a few dollars a day could make a huge difference.
Key takeaway: You can easily track your marketing spend in Microsoft Excel, or you can subscribe to any of the dozens of marketing budget tracking tools available.