How much do you spend on marketing? How do you decide what is the right amount? When do you set your budget and how flexible is it? Marketing spending shouldn’t be an afterthought. It should be a well thought out investment; planning not only how many dollars to spend but where.
First, let’s consider what is all involved when we talk about marketing costs. It isn’t just advertising; there is a lot more involved. Are you having items printed, like postcards or banners? Are you buying promotional items to giveaway, like pens or notepads? Are you paying affiliates to market your products? Do you have a graphic designer that you contract with? All of these items are going toward your marketing budget and shouldn’t be overlooked.
We’ve all heard the old adage that you have to ‘spend money to make money.’ So, what are some basic parameters that you can set for yourself when determining how much you should actually spend? It’s a delicate balance, especially for new business owners.
Here are some tips that I’ve found helpful.
1. Think of your marketing budget as an investment.
Ideally, the money you invest here should be paid back to you and bring even more income with it. If you’re new to the game and not basing your spending on previous years’ sales, then also consider it a (more…)
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