Whether you’ve been in business for decades or are just starting up, you need a marketing plan for the upcoming year. It starts with deciding how much to spend, but you also need to decide how to best allocate the money you’ll be spending. Read on to get a general idea of how much this should be costing you and then reach out to Webstract for help best utilizing your marketing dollars.
Setting your total marketing budget
Many companies make the mistake of assuming that there is a specific dollar amount that each company should spend on marketing. The truth is that your target should actually be based on your expected revenue for 2018. Ideally you’d set it at around 1%, but certainly you don’t want to spend less than .07% or more than 1.5% on marketing.
At least 50 percent of your marketing budget should be spent online
Regardless of the type of business you run, at least half of your marketing investment should be made online. This will include everything from pay-per-click advertising, to development your website, to getting the content you need for your site.
Within your online budget, you should spend half of that on advertising, one-quarter on web development, tools, and CRM, and one-quarter on your website’s content. Webstract is here to help with all of this. Reach out to us online or call us at 855-201-5800 to get your free website analysis.
Signs shouldn’t take up more than 20 percent of your budget
If you have a brick and mortar location, then you need signs. It’s that simple. If you have an older sign that’s seen better days, then you should invest in a replacement. Remember that as a potential client or customer drives up to your business, the first thing they’ll see is your sign. Do you want it to tell them that you’re an innovative, results orientated company or do you want them to wonder if you’ve gone out of business? Spend between 12 and 20% of your total marketing budget on signage.
Spend 5 percent on in-person events
While the majority of your marketing budget should go to online needs, don’t forget how important it can be to have a face-to-face presence. Find local events that can inspire those around you and get people interested in your brand. This should take up between five and eight percent of your marketing budget.
Spend the rest however you’d like
That leaves you with about 20% to play with. The right way to spend this will vary based on your specific business. For example, a real estate company might spend it on flyers, while a local baker may take out ads in the local paper.
To find out more about your online options and how to make the most from your marketing dollars, reach out to Webstract at 855-201-5800. We’ll start you off with a free analysis of your website.