Do you Manage Your Marketing Budget in Excel?
Establish a relevant marketing budget, take time and it’s a constant tracking.
You can’t longer risk your financial resources counting on an approximate budget.
Indeed, it is the best way to watch your budget evaporating, without understanding where the money went to.
How to manage a Marketing budget?
To carry out your budget, you need a marketing tool to manage all the aspects of the marketing expenses.
Usually, companies use Excel to manage and track each team individual expenses, and generate a central document that gathers all the expenses to see if the budget was exceeded or not.
Thus, it represents a lot of files to take care of, and this encourage the potential risk of error in the duplication of data.
It is important to gathers in one and same place your data A marketing budget allows you to :
- Having a vision on what happened or is going to happen within your business
- Think and anticipate the future
- To prepare a forecast marketing budget, you need the assistance of all marketing services concerned, so that each one informs the different spreadsheets corresponding to its service.
It implies the adhesion of all the services concerned: graphic design, content creation, events, advertising, public relations …
There are online collaborative spreadsheets that are often more relevant to plan your marketing budget than Excel.
No matter the tool chosen, the quality of the data is crucial for reliable reporting with weekly or monthly monitoring.
After each action, the estimated budget can be updated with the final amount actually spent and will provide a final version of the budget.
Adapt the tool to encourage collaborative shares
With the use of a standard Excel file, the team will have to agree on the structure of the table so that each user’s file can be consolidated in a central file.
This also implies a lot (too much) email sent as soon as the document needs to be updated or revised.
Even if your table is well thought, adapted to the problematic, it can be difficult to obtain the adhesion of a whole team.
Here again, an online collaborative tool facilitates teamwork and saves a lot of time.
Is Excel a good tool to track your marketing expenses ?
Excel has been used in all companies for a number of years now.
The software allows the creation of customize spreadsheets adapted to specific business needs, such as graphical representation, pivot table or even personalized formulas for complex data management.
But do you really need an Excel spreadsheet or a collaborative table that can manage images and other attachments, control automatic access rights, automatically notify any collaborator who intervenes in the budget marketing budget follow-up?
If you want more collaborative features, the marketing budget in Excel may not be a good choice.
Microsoft Excel is one of the most complete software packages for creating complex spreadsheets with many functions that sometimes require complicated formulas.
It’s up to you to choose just the right complexity to manage your marketing budget and your team and to focus more on an online spreadsheet where each employee can update the marketing budget easily and add invoices or quotes directly in the collaborative table.
On the same topic, find how to organize your digital marketing budget.