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What is an average marketing budget for a small business? - BDC
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“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.
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.”
For B2C companies, the proportion is often higher—between 5 and 10%. This is because B2C companies typically need to invest in more marketing channels to reach various customer segments. “Horvath suggests a good way of narrowing your target budget is to research what’s common for your industry and what your competitors are spending.” A 2019 BDC survey of more than 1,400 Canadian businesses found that Canadian small business marketing costs average just over $30,000 a year, while those with 20 to 49 employees spend twice that amount. Companies with 50 or more employees tend to have marketing budgets in excess of $100,000.
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