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Marketing Budget
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How Much Should I Spend?
Well, how much do you have?? Just teasing. There is a leap of faith required anytime you are considering spending your hard-earned money on advertising. Marketing costs money and can be very beneficial to your business if done properly. But, back to your question. How much should you spend? It depends. The U.S. Small Business Administration recommends businesses spend between 7% - 8% of annual revenue on their marketing efforts. Some businesses will actually require more than that, while some might require less.
We recommend you set a budget and physically set that money aside to be used only for marketing. If you do this, you can make a huge impact on your business. When done properly, advertising can actually create a money tree for you: one that can reap benefits for many years and bless you and your family.
Do not mistake this as advice as saying that you should try every type of advertising that comes your way. There are some mediums that will be better for your company than others. For example, if you sell widgets to businesses, you shouldn’t advertise in a community magazine. Make sure you are focused on mediums that serve your target demographic.
Stopping advertising to save money is like stopping your watch to save time.
-Henry Ford
“The real fact of the matter is that nobody reads ads. People read what interests them, and sometimes its an ad.”
-Howard Luck Gossage
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It is easy to loose money on marketing too; that is why it is important to research the sources you are considering. Ask what your clients think of the source. Your clients will give you good feedback. You can also try different things to see what works for you.
My goal for you is to spend just the right amount on your marketing. Grow your business and your influence in a community by utilizing effective advertising. The truth is, marketing costs money. Good sources of marketing are cultivated with care and hard work and have developed an audience. Advertising mediums that are most effective are those that create an emotional response in their audience. If people love the source, your ad will be seen. If your ad is effective, it will get responses.
The next step will be to make sure you are effective in your approach to wooing customers.
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