Are you trying to create a marketing budget for your small business?
Digital marketing is an important endeavor for businesses of all sizes. While it might be tempting to cut costs here and not advertise, you’ll miss out on attracting new clients. A good digital marketing attempt involves creating a budget that allows for quality advertising.
But how do you create a great marketing budget for small business enterprises? We’ll get into everything you need to know below. Keep reading to learn more!
Look at Your Income
The first step to creating a marketing budget for small business endeavors is to look at your annual income.
The average marketing budget for small business needs lands between $10,000 and $50,000 every year. However, this might not be realistic for every small business.
So, how much should a small business budget for marketing? Most spend between 5%-12% of their income for their marketing. By sticking to the 5%-12% rule, you’ll ensure you have enough for your marketing and other expenses.
Focus on Digital Marketing
Small businesses should focus on their digital marketing efforts rather than on print marketing. Print marketing can be effective, but it costs more to print and distribute these materials. Digital marketing can serve a more cost-effective purpose.
Digital marketing costs usually come down to paying a platform to display your ads to potential customers. Sometimes, these are done on a cost-per-click basis. When this happens, you get charged every time someone clicks on your ad.
Social media platforms charge by the day. The longer your ad runs, the more you pay.
Focusing most of your budget on digital marketing has another benefit. People won’t throw away your ad like they might with print marketing. This prevents people from forgetting about you.
So, spend the most money on your digital marketing efforts.
Identify Your Goals
Now that you’re focusing on digital marketing, it’s time to identify your goals.
Every business has slightly different goals when it comes to marketing. Some may wish to grow their email lists while others want to attract new customers. You need to get as specific as possible with yours. That way, you’ll know what to focus on.
Now, answer this question: how much money will you need to meet these goals? Make sure you have enough money in your budget. If not, adjust your plans or figure out how to get the extra money.
Divide Your Budget Into Smaller Objectives
Once you have your overall budget figured out, make subsections in your plan.
These subsections should contain a spending range for each of your marketing endeavors. For example, you could choose to spend more on your social media marketing than you do on your email campaigns. Figure out what will best serve your business and then focus your spending on that area.
Learn more about marketing today!
Ready to Create a Marketing Budget for Small Business Endeavors?
Now that you’ve created a marketing budget for small business advertisements, you’re ready to get closer to your business goals.
Do you want to improve your chances of running a successful business marketing endeavor? Read up on subjects such as SEO, social media marketing, and email campaigns.
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