Running a business has its fair share of challenges. To say that taking a business from concept to reality to even further – profit – is a challenge and is a bit of an understatement. This journey not only requires a good amount of hard work but courage and a willingness to grow and learn.
There are so many different factors to take into account when it comes to running or starting a business. Everything from the product or service, marketing to the target audience, and then just having systems in place that serve your business and scale can be overwhelming.
One important aspect of any business is always going to be marketing – and for startups this can be a crucial aspect and most intimidating.
The simple truth is that marketing is necessary for business growth and success – however, this market has an almost endless amount of possibilities. In the marketing and advertising industry it’s easy to see how these services are important and even vital – but especially during the early days when the budget is tight – how much are they actually worth?
Finding out how marketing budget appropriately varies from company to company involves a host of different factors. If you have been wondering how you can feel more confident in your marketing budget, here are some factors to consider.
1. Cost Effective Marketing
When it comes to the issue of how much money you should be spending on marketing – it’s easy to understand when you have as many options on the table as possible.
The bottom line is that whether you are a startup or a successful and established brand – you don’t want your budget to be out balanced or unhealthy.
While it’s common practice for most businesses to take part of their revenue and invest it back into the business, this can be tricky at times. For example, what if you are a start-up that doesn’t technically have the revenue to invest back?
Marketing and advertising are fields that can have almost limitless amounts of possibilities when it comes to costs. Knowing what options are actually available to you and which ones best fit your actual budget or estimated budget will help you and your team in making the most beneficial decision.
For example, if you are wanting to locally target the city of Memphis Tennessee, then you have many great options to choose from. Radio, television, social media, and even local SEO can all bring great results.
However, options like Memphis billboards or maybe even email marketing represent not only high-yield marketing strategies but cost-effective options. Billboards, a vital part of OOH media, can passively make hundreds of thousands and even millions of impressions during a single campaign.
This represents an extremely cost-effective way to expand brand awareness, and even establish brand validity. Finding options that are cost-effective and have stood the test of time can help you better determine what your actual marketing budget should be.
2. Don’t be Afraid to Ask
One of the most important things to do when setting your business up for success is to strengthen your weaknesses. What this means, is that it pays to work with professionals in areas of your business that you as the owner or operator may not be strong in.
For example, you suspect that you may not be where you should be as far as your marketing budget – hire a budget analyst or marketing agency to take a look. This kind of insight from a professional who specializes in marketing can prove to be invaluable.
The simple truth about marketing and advertising is that there are options for almost any level of budget. The freedom that creativity provides in these fields can be a great asset for developing marketing strategies that actually work to push your company forward.
3. Be Aware of the Stage of Business You Are In
This is another important factor to take into consideration when wondering about your marketing budget. If you are in the starting stage, marketing and advertising can seem like a lot of stress and risk.
With so little money being generated in the early stage – any investment back into the company can seem terrifying. However, if you are semi-established or established, maybe it’s time to look at beefing up or adding to your marketing and advertising budgets to help you reach the next level.
The truth is, there is no simple solution for figuring out exactly how much money you should be spending on advertising, however if you take these factors into consideration, you can see that this doesn’t have to be an intimidating dilemma.