To approach this budgeting task, I would begin by segregating the total budget into allocation for various marketing channels, such as social media, billboards, and TV commercials. I'd consider factors like reach, target audience demographics, and historical success rates for each channel to prioritize budget allocation. Furthermore, I'd allocate funds for contingencies and potential adjustment to the campaign during its execution phase. Lastly, I'd establish a system for monitoring and tracking the campaign's effectiveness to ensure a solid return on investment.
The marketing campaign includes advertisements on social media, billboards, and TV commercials. The total desired budget for the campaign is $10 million.
As a top accountant in a multinational corporation, how would you approach budgeting for a new marketing campaign to increase company growth?