Welcome AI-Powered Marketing Enthusiasts! 👋

Good morning. In today's newsletter, we will discover How to Plan a Marketing Budget with ChatGPT.

Reading Time: Approximately 5 Minutes

INTRODUCTION

Budget Planning with AI

Essentially, budget planning is a very crucial aspect of marketing for the purpose of resource allocation, effective control of costs, and positioning marketing efforts in line with strategic business goals. Besides, it allows the marketer to measure the plan's performance, success, and achievement of company objectives by comparing the actual spending against the plan, enabling them to make an informed future marketing decision and integrate marketing strategies with the company's other financial plans. Furthermore, the integration of AI is a different way to plan budgeting; it does not solve budget problems, but it can help recommend ways to plan. So it is good to see the ways and take ideas from what AI can be useful. In the upcoming section, you will discover the guide for budget planning with ChatGPT.

GUIDE

Utilizing ChatGPT for Budget Planning

1.Preparing Information

Below, you will find the necessary information to prepare your budgeting prompt. Additionally, you will see how it’s filled out, for example:

Business Description: [Activewear]

Target Audience: [People who are interested in running between the ages of 25 and 40]

Period: [1 April to 1 July for 4 months]

Budget: [$100,000 USD]

Marketing Channels for Allocation: [Instagram ads, TikTok ads, SEO]

Other Marketing Expenses: [Content production expenses, such as creative shootouts and graphic design]

Historical Data: [1 to 5  Current ROI]

Expected ROI or Goal: [1 to 7 ROI]

Note

“ROI = Return On Investment”

1.When preparing information about a period, do not forget to include the date and time, as mentioned above.

2.Your historical data should focus on your marketing ROI (Return On Investment) and provide detailed information about the expenses for each marketing channel.

3.Other marketing expenses can include various factors that need to be considered during budget planning, such as creative expenses and more.

2.Prompting

You can insert the information that you have prepared according to the above. Here is a prompt template:

Act as a marketing manager and help me do budget planning month by month for [Business Description] company that targets [Target Audience]. Utilize the information below:

Period: [Period]

Budget: [Budget]

Marketing Channels for Allocation: [Marketing Channels for Allocation]

Other Marketing Expenses: [Other Marketing Expenses]

Historical Data: [Historical Data]

Expected ROI or Goal: [Expected ROI or Goal]

While creating a budget strategy, outline strategies for each funnel stage, include KPIs to monitor and provide benchmarks for the KPIs in that specific industry, consider historical data, and note that every marketing channel will be used every month. Conclude with a summary of the strategic insights and key action items.

Here is an Example:

WRAP UP

Conclusion

In conclusion, budget planning is essential for successful marketing, helping to manage resources and control costs. It aligns marketing actions with business goals and evaluates success by comparing spending against the budget. Also, using AI in budget planning provides new insights, improving decisions. As discussed in the guide, using tools like ChatGPT can greatly give an idea of how it is planned and It is important to note that AI has to be used to budget ideas for marketing, not the whole planning process. It is hard to provide all of your information about your marketing activities and marketing expenses. So, what you can do is use it as an idea generator and take what can be good for marketing activities.

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