The end of the year is the time to celebrate and soak in the choices we made the year prior. It’s a time to learn lessons and set goals for the upcoming year. As a small business owner, the new year often means establishing a strategy to generate new business.
Every industry is unique and thus, the method of marketing the business varies. There are many considerations for companies to make and it all starts with a marketing budget. Your marketing budget should be 7-10% of your gross revenue. For example, if your company grosses $500K, your marketing budget would be between $35,000 – $50,000 per year. The variable is often attributed to the industry. Business to business companies are typically on the lower end (7-8.5%) while business to consumer companies often spend 9-10%.
Determining your marketing budget is fairly simple. It’s creating a marketing strategy and executing it that requires time and resources many companies do not have. Let us help you work within your marketing budget to develop an effective strategy with a significant return on investment. Contact us today to review your business.