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; however, a tight marketing 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, poor search engine optimisation, over-reliance on unengaging 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 appropriate for your customers.
A high proportion of marketing budgets, over 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.
As you spend your budget, you must ensure that you are measuring how effectivene the expenditure is – your should knwo its return on investment (ROI).