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What is an average marketing budget for a small business? - BDC
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Traditional media: While digital advertising tends to be more budget-friendly, traditional advertising, radio, print and TV still have value depending on who you’re trying to reach. Consider your resources and how you can get the most from the budget you have. “Planning for, writing and using online tools to send out this material all require time and resources.” Video: In Horvath’s view, every small business should try to use video for marketing. The costs involved can include everything from hiring a camera person and editor to simply upgrading your smartphone so you can shoot video yourself.
3. Consider all your potential costs “You can adjust the amounts over time based on what’s most effective.” Website: The cost of your website includes the original design and build as well as monthly hosting. It also includes paying to keep the content fresh and up to date. “Make sure your site has analytics built in,” Horvath says. “That way, you can track who’s coming and from where—information that will help you identify how your other marketing investments are paying off.”
“1. Start by researching your industry” In the simplest terms, your marketing budget should be a percentage of your revenue. A common rule of thumb is that B2B companies should spend between 2 and 5% of their revenue on marketing.
It’s important to be clear on your marketing goals—they need to be measurable and specific. Do you want to get more people to visit your website to take a specific action? If so, how many people over what period of time? Do you want to get people to visit your store for a free sample or consultation? What kind of customers would you most like to attract? How many of them do you want to come in? “Setting your goals will allow you to plan what needs to be done—and what kind of investment will be needed.” “Think about your customer segments—the personas you want to reach and what their needs are,” Horvath says.