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Marketing spend is the total amount a business uses for marketing, advertisements, SEO, social media, and other marketing activities. This includes all ad costs as well as non-promotional expenses.
Why is Marketing Spend Important?
By examining your marketing spend, you can use data and other information to make strategic decisions that reduce costs and improve the overall ROI of your marketing budget. Typically, a marketing budget is not a fixed number and fluctuates depending on the success of certain campaigns (so long as they prove to be profitable).
To optimize marketing spend, it is best practice to generate a sales forecast as well as marketing attribution models to identify critical areas to reduce loss and increase gain on marketing campaigns.
Recognizing the variables that impact total costs will enable you to reallocate money to different areas of your business to deliver the best results.