Page 9 - Complete Guide to Marketing Budgets
P. 9
3. Choose how you’ll source 4. Decide how you’ll 5. Factor in costs of the
your marketing budget execute your marketing basics first
budget
Once you get a lay of the land, you can start When it comes to spending your marketing
to identify how you want to set up your Whether you plan to leverage an in-house budget wisely, some channels may take
marketing budget. Again, this could mean team, an agency, a consultant, or other priority over others. So you’ll want to ensure
taking a percentage out of your revenue, resources to execute your marketing, all will that your need-to-have marketing strategies
setting up a dollar amount, or establishing come with a price. Deciding ahead of time are covered first.
other goals to hit ahead of time.
what you might need help with versus what For example, your business needs an
you could do on your own will help you to
Let’s use an example. If studies have shown optimized website to get customers.
that the average U.S. business with 10 to allocate your budget across various strategies. Meanwhile, social media marketing and local
19 employees brings in about $2 million in For example, if paying a full-time salary with SEO are necessary to promote your business
revenue per year, setting 10% of that aside for benefits looks like it will take up your whole online. Basically, you’ll want to prioritize
a marketing budget would leave $200,000 to marketing budget, leveraging a marketing strategies that are non-negotiable when
spend on all things marketing for the year. boosting your online presence to see the
partner could make more sense.
best bang for your buck.
Pro tip: Stick to your budget once Pro tip: Evaluate all your options Pro tip: Use our free website
it’s established. If your calculations before you rule anything out. For grader to understand what
bring you more or less than you example, the cost of in-house marketing strategies will help you
anticipated, this is an opportunity versus a marketing partner may improve your online presence.
to realign your marketing strategy surprise you!
to best fit what your business
can afford.
Your Complete Marketing Budget Breakdown 9
