Have you set a clear marketing budget?
Surprisingly, many small businesses don’t have a defined budget or know how much they spend (or should we say, ‘waste’?) on unplanned promotion.
Some pundits recommend that small and medium sized businesses should spend 7% to 8% of turnover on their marketing budget. In practice, many spend 2% or less; a tight budget is still a budget and spent well can have a huge impact on business growth and revenue.
However, promoting your business on a small budget should not be ‘marketing as cheaply as possible’. Cutting costs with poor quality sales literature, a home-designed website or an over-reliance on social media or old fashioned selling techniques, can damage your business and brand.
Where you should spend your marketing budget depends entirely on the communication channels which are most engaging for your customers.
The growth of internet means that a higher proportion of marketing budgets, up to 70%, is now being spent online.
You need a hard working marketing budget
Real Marketing Specialists likes money spent to work really hard. We appreciate that many small businesses often can’t afford to invest time and energy on expensive marketing activities unless they pay for themselves.
As you spend your budget, you must ensure that you are measuring your return on investment (ROI).Free Marketing Audit