Updated: Sep 1, 2022
Marketing budgets are significant, particularly in the nonprofit sector. Due to limited resources, the CEO is also the CFO, COO, and CMO. Creating a marketing budget that reflects short-term performance and long-term investments may positively correlate with donor relationships, client services, and operations. Dr. K. Shelette Stewart (2017) asserts, "marketing is a means for influencing others to buy into lifestyle enhancement regardless of whether the benefits take the form of a product or service." If the organization has the necessary resources to execute the plan properly, the business strategies suggested by HBR (2021) may be implemented. For this nonprofit VC, I appreciate the influencing aspect of marketing presented by Dr. Stewart. It begins with me. One of many salient questions posed by Dr. Stewart is "does consumer need create marketing?" I wrestle with this question because I remember Says Law (1972) in my Econ classes, which suggested that supply creates its demand. Thus, if I focus on the needs of the consumer/client, I can develop a construct for my service demand. I can craft my marketing budget based on the prioritization of the essentials.