Through my career I’ve worked with small businesses who are just tinkering with marketing all the way through multi-million dollar huge-name companies. Some of them have no actual budget in mind for their marketing. Others have set aside a subjective amount – basically what they think they can “afford.” And others work with a set marketing budget.
The problem I run into the most though when companies try to figure out how much they should allocate to marketing is that most of them really have no idea what is a good starting point.
Thankfully the people over at Nuanced Media have put together a fantastic infographic and article to help you calculate a starting point when determining marketing budget, even taking into account the age of your business.
I highly recommend you head on over and check it out, especially if you’re serious about making the investment into growing your business through marketing.
… the most important part of any budget is to make sure you’re investing in the right things.
Of course the most important part of any budget is to make sure you’re investing in the right things – meaning you have a strategy with specific end goals in mind, and that every dollar you invest goes toward fulfilling that larger strategy (I can help you with this).
The other important thing to remember is that this is just a guideline. Just because you have a budget doesn’t mean you must stick strictly to it. If you find a channel that’s giving you a great return on investment (ROI) then I absolutely recommend you maximize those channels, even if it means expanding your budget. In these instances you can bootstrap those channels by having them pay for themselves to get the most return you can get.