What is a Good Marketing Budget?
Marketing is one of the most important facets of owning any business. If your marketing campaigns aren’t a hit with potential customers, you will limit the number of successful leads, profitable sales, or new clients that want to approach your business. As you can see, marketing is very important. But, what’s a good marketing budget?
Marketing costs can be in the millions, or it can cost a few spare hundred dollars to get your company seen. Now that some of the most successful advertising campaigns did not cost as much as you might think. Here’s how to make sure your company name gets its weight in gold, without having to pay the massive marketing budgets like multimillion-dollar corporations.
What is a Good Marketing Budget?
Asking about a good marketing budget is like asking about a good type of wine or cheese. It depends on the end-user, and it depends on what you have available to you. Some people can afford to eat pasta out of a Parmesan wheel, while others would rather eat a more affordable cheddar with their morning sandwich.
One isn’t bad and one isn’t good, they’re just different ways of achieving the same goal. Cheese – or in this case, the right marketing plan for your business are similar concepts.
What’s a Good Marketing Budget… For My Business?
This is important advice that you will see in the first chapter of almost any course or book on marketing: know your business.
A smart business owner knows how their business functions, what resources their company has access to, as well as how to formulate a practical future goal for their business and intended returns. In this case, the marketing plan is your future goal.
First, start with how many people you would like to reach, and which marketing channels you would like to use in order to reach them. These factors will influence how much you can afford to spend on a marketing plan. These goals will also help you understand which marketing avenue you should take.
Next, see what your business has to work with. Marketing campaigns don’t have to cost millions of dollars for them to hit your target market. Sometimes all it takes is the clever use of the right resources.
Great marketing plans simply have to fit your business budget.
Grand Ideas on a Smaller Budget
If you have a great marketing idea but lack the budget, don’t worry. The good news is that there are many ways to achieve the goals you have in mind.
We live in a world that’s filled with different marketing teams, copy agencies and individual freelancers. If you don’t find one that fits your budget or needs right now, keep looking until you match with the right marketing professional to head your marketing plan.
While some copy agencies cater to high-ticket clients with higher bills than the ceiling of your company, this isn’t true for all of them. There are many local marketing agencies that specialize in projects that will fit the clients’ budget. In fact, their marketing campaigns can be just as effective!
Focus on the Goal
Always focus on the goal of your intended future marketing plan first, and then assess what your budget is going to be to achieve it. If you don’t have the budget to fit, there are always alternative ways of reaching the same goal – with a lower cost on your side.
For example, promotional items used to cost thousands of dollars to print. Today, merchandise can be sold through print-on-demand services with the click of a button at very little cost to the business (but with great marketing potential).
Viral marketing and word of mouth often don’t cost a lot but are still considered to be one of the most powerful modern marketing tools there are.
How much money will it take to get people talking about your business or brand? It’s not always as much as you thought.
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