Do you have a set rule for marketing budget allotment?
Or do you just place funds in marketing whatever is left after all of the projected business expenses for the year have been set?
USBA suggests 7% to 8% for small businesses. However, you can shoot for up to 20% if you really want to smash it hard in the marketplace.
A survey from the CMO Council, on the other hand, comes with similar results with 74% percent of marketers allocating 4% to 6% of their annual gross revenue to marketing, while only 2% apportion more than 20%.
The size of your marketing budget will fuel your marketing efforts, and so if you’re in a very competitive industry, and most especially if you’re in the early stages of your business, then you should really have a strong budget.
How do you structure your marketing budget?
Reach out to us and get some advice.
- Why do Digital Marketing Campaigns Fail? - November 11, 2019
- Whoa! 10 Easy Ways to Boost Your Business on Social Media - November 6, 2019
- Only 36% of Organizations Use Advanced Marketing Tools and Practices. Are you One of Them? - November 5, 2019
- What You Should Know About the Latest Design Trends for 2019 - November 2, 2019
- 6 Ways Facebook Ads Can Boost Growth and Sales for Your Small Business - October 31, 2019
- 5 Reasons You Need Digital Marketing - October 25, 2019
- Monitor your Online Reputation with Google Alerts - October 24, 2019
- Good news for business owners in the travel and hospitality industry! - October 22, 2019
- How to Drive More Foot Traffic to Your Local Business with an Online Presence - October 18, 2019
- To Hire or Not to Hire a Full-time Marketing Director? - October 16, 2019