Regardless the size of your company, budgeting for business owners is a must. For many entrepreneurs, marketing can fall by the wayside due to misunderstood priorities. Here are some ways you can make sure you get the most for your money by creating a reasonable marketing budget, and a plan for its allocation.
Determine your budget
You’d be surprised by how many people create campaigns without setting a budget first. You should have a clear number for how much you are willing to spend on marketing. Don’t know where to start? A good rule of thumb is to allocate about 3-5% of your total yearly gross revenue to marketing your business. Don’t be nervous to raise or lower this percentage based on how much growth you’d like to see.
Plan, Plan, Plan!
So you’ve set aside the funds to start marketing campaigns, now what? Well, you can’t carry out every marketing idea you have. Determine your target audience and the best strategy to reach them. Which social media platforms do they frequent? Would direct mail or email campaigns be most effective? After you’ve decided on a general strategy, assign different and specific marketing projects for each month, week, or day (depending on the frequency you choose for your campaign). The more detailed, the better. You want your marketing calendar (or spreadsheet) to include as much information about each marketing project as possible. This will help you stay organized and avoid doubling up on efforts (i.e., running similar campaigns in a month).
More like “free” since your time and energy are valuable, but creating social media accounts won’t do any damage to your bank account. If your company doesn’t have a Facebook page, go create one now! It’s free and opens you up to new audiences who may be interested in your company. Today, online word of mouth is even more important than regular old word of mouth, and many brands compete by attempting to forge a personal relationship with their customers. Social media is a great tool for engaging customers, and its important to be online so you know what they’re saying about you. Platforms such as Instagram, Snapchat, and Twitter are becoming increasingly popular among consumers and business owners. You don’t need to be on every platform, which is why it’s important to know your target audience and what social media channels will most effectively reach them.
These are just a few ways you can maximize your marketing budget. If you have any questions regarding budgeting, gaining the attention of your audience, or even how to determine who your audience is, let us help! Call us at (352) 600-5050.