Regardless of the size of your business, it is crucial to commit to a marketing budget that will help you support your profitability and growth. That being said, it is essential to identify a balance and be able to allocate a budget that is enough to meet your business needs without overspending.
While some might follow the approach of allocating a percentage of their revenue towards marketing, it is important to keep in mind the following factors:
- Your industry
- Your target market or markets
- The size of your business
- Your growth
- Your short and long-term plans
You further need to be specific in terms of the marketing initiatives and outlets you are planning to use and the expected return on such investment. Here are some options to consider:
- Revamp your lobby with a new Wall Mural
- Participate in a trade show and invest in booths design
- Expand your geographic reach and upgrade your vehicle wraps
- Renovate your indoor and outdoor business signage
Knowing what your plan is and identifying how much you need to spend will help you stay on track in terms of how you spend your marketing budget. Such information should be crucial to help you achieve your marketing goals within a specific timeframe.
That being said, keep in mind that it is essential for you to go back and revisit your plan and progress in order to adjust your spending and approach as you go to make sure that you are on track to establish the ROI you desire for your business.