10 Questions That Define Your Interactive Project BudgetSource: Frank Mayer and Associates, Inc.
The in-store merchandising industry has changed over the last decade. The initiation of a project is a more collaborative effort than it used to be. Projects may cut across merchandising, marketing, purchasing, information technology, operations and customer experience departments. Each of these functions brings a unique perspective on planning and execution. The purpose of this paper is to give all parties a framework to think about the important first step of establishing a budget.
Sometimes clients express the notion that to fully disclose a budget will place them at a disadvantage. This is a counterproductive mindset. In reality a good retail merchandising company approaches a project saying, “How can we best meet the objectives and needs of this client within the framework of their budget?” rather than “How can we maximize the revenue from this project?”
Defining objectives, requirements and a budget are important disciplines to exercise before launching an in-store interactive project. Reluctance to invest in these activities is like trying to build a house with a pile of wood, drywall, bricks and fixtures, but no specifications or drawings. You might end up with a livable house in the end, but you’re likely to waste resources, take longer than you need and experience unnecessary frustration along the way.