Do You Manage Your Marketing Budget in Excel?
Establish a relevant marketing budget, and take the time to track it constantly.
You can no longer risk your financial resources by relying on an approximate budget.
In fact, taht’s the best way to watch your budget evaporate, while you wonder where the money went.
How to Manage a Marketing Budget?
To work within your budget, you need a marketing tool that helps you manage all the aspects of marketing expenses.
Usually, companies use Excel to manage and track each team’s individual expenses and then generate a central document that compiles all the expenses to show wheter or not the budget was exceeded.
This represents a lot of work taking care of different files which carries the risk of error in the duplication of data.
It is important to gather your data in one a single place. A marketing budget allows you to:
- Envision what happened or what is going to happen within your business
- Think about and anticipate the future
- Prepare a forecasted marketing budget, which requires the assistance of all relevant marketing services, each informing the different spreadsheets corresponding to their service.
This requires the participation of all the services concerned: graphic design, content creation, events, advertising, public relations and other departments.
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 actual spending, which will provide a final version of the budget.
Adapt the Tool to Encourage Collaborative Sharing
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 of (probably too much) email whenever the document needs to be updated or revised.
Even if your table is well thought out, and adaptable to the inevitable problem, it can be difficult to obtain the buy-in 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 most companies for a number of years now.
The software allows the creation of customized spreadsheets adapted to specific business needs, such as graphical representation, pivot tables 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 takes part in the marketing budget follow-up?
If you want more collaborative features, using Excel for a marketing budget 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.
Choose just the right complexity to manage your marketing budget and your team and to enable each employee to update the marketing budget easily and add invoices or quotes directly into a online collaborative table.
On the same topic, find how to organize your digital marketing budget.