How much you should invest in marketing
How much you should invest in marketing? It’s critical that you have a marketing plan that includes social media & search engine optimisation.
We came across this great article published on smartcompany.com.au, written by Michelle Gamble and we’ve decided to share the key take aways. how much should you invest or what’s left over once all your other business expenses are covered.
What every business should invest in regardless of what stage your business is at, it’s critical that you have a marketing plan and also strong branding.
Strategy and skills
Whether you create your own marketing plan or hire an expert to help you, you are less likely to waste precious marketing dollars if you’ve researched the various options, the costs involved and likely results. You’ll also be more successful if you have an experienced marketer to implement your plan. Whether you hire internally or outsource, you need to ensure that your plan gets executed and executed well.
A great first impression
Creating a strong first impression both online and offline is critical. Your brand says a lot about your business and is the first chance you have to “engage” your target market.
Poorly designed logo and website can make it impossible for you to attract new customers.
What you can expect for what you spend
Before you set your mind on how much money you’re willing to invest to grow your business, let me show you how far your budget will get you in the real world:
- less than $2000 – are you really serious about being in business?
With this budget, maybe you need to rethink whether you believe in your business? it’s very difficult to get anything for less than $2000. If you are not willing to invest at least this amount you need to question how much faith you have in your business and your commitment to grow.
- $2000 – you better be a marketing ninja yourself and have a lot of time on your hands.
You’ll need some considerable marketing, design and technical skills yourself.
$2000 might get you:
– some business cards without search engine optimisation.
– marketing smarts and online skills to achieve much from a budget of this size.
- $2000 – $5000 – enough to get you looking good but not the eyeballs to appreciate it.
A budget of $2000 – $5000 will get you noticed. a budget of this size will get you:
– a cheap corporate identity
– a simple brochure-style website
– search, and a fair amount of time to manage the marketing yourself.
- $5000 – $10,000 – a small amount of advertising and a good set-up for building and communicating to your database
A budget of this size will get you some smart marketing tools and a little left over to test some advertising:
– Perhaps a more complex website. one with perhaps a good content management system and customer relationship management (crm) system.
– Search engine optimisation and limited search engine marketing which you would need to manage yourself
– Some consulting help to assist with product development, low cost marketing ideas and pr and marketing coaching
– A social media presence and perhaps a small amount of money to test some social media advertising.
a small budget should be focussed on investing in some good web-based online marketing tools and some expert help on low cost marketing.
- $10,000 – $20,000 – you can start testing some advertising tactics
some smart marketing tools and a very limited amount of marketing.
- $20,000 – $50,000 – you can get start to run some focused consistent marketing campaigns
some smart marketing tools and some co run a marketing campaign in one medium.
- $50,000 – $100,000 – you’re serious about growth and gaining strong brand awareness and value for your investments.
Michelle Gamble has helped hundreds of SME’s get smarter marketing. Michelle helps businesses find more effective ways to grow their brands and businesses.
This article was first published by smartcompany.com.au – read it in full here.
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