What are the Common Pitfalls in Marketing Budgeting?
Some common pitfalls include:
- Underestimating Costs: Failing to account for all necessary expenses can lead to budget overruns. - Lack of Flexibility: A rigid budget can prevent you from taking advantage of unexpected opportunities. - Neglecting Measurement: Without proper tracking, it’s difficult to determine what’s working and what’s not. - Ignoring Competitors: Not considering competitors' actions can leave you at a disadvantage.