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Marketing Budget

You're not a real company until you have a marketing budget


This was the excellent title of an excellent blog post I came across, and if your immediate reaction was, "But my business is too small for a marketing budget," hear me out.

Many small business owners think of marketing spending as eating into profits. Think of it instead as setting an intention for your business to grow: Setting that budget means you have a long-term vision for your business and you are serious about getting there. A marketing budget forces you to establish concrete goals and have a plan. This is why every business, regardless of size, needs a marketing budget.
So how much should you budget? Search the internet for advice and you'll see a range of recommendations from 3 to 8 percent (The U.S. Small Business Administration recommends spending 7 to 8 percent of your gross revenue). Always start with your revenue. Is 3 percent achievable? 5 percent? Whatever your budget, invest in the essentials: your website, and your social media, search, and email marketing. This will enhance your brand, nurture customer loyalty, maintain an edge against your competition, and increase traffic to your website.

Marketing budget