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.
- Monitor your Online Reputation with Google Alerts - February 24, 2021
- Monitor your Online Reputation with Google Alerts - February 23, 2021
- The Why and How of LinkedIn for B2B Leads - February 19, 2021
- Is Your Website Mobile-Friendly? - February 16, 2021
- Beat Bigger Brands and Boom your Business - February 14, 2021
- The Importance of Customer Lifetime Value - February 13, 2021
- Benefit from Business Blogging - February 10, 2021
- Good news for business owners in the travel and hospitality industry! - February 6, 2021
- 2 Simple Digital Marketing Success Stories You Can Copy - February 4, 2021
- 5 Ways To Use Reviews as Marketing Content! - February 3, 2021