How to Determine a Marketing Budget
Marketing has changed significantly over the past decade. The techniques that were tried and true in the past have become much less dependable and some have become nearly obsolete. It can be challenging for small to medium sized companies to stay on top of the everchanging trends and algorithms on which modern advertising is dependent. Busy managers and business owners can find marketing extremely frustrating, especially when they have a lot of other important responsibilities to focus on. At iBoost, we provide premium digital marketing, search engine optimization and web design services for companies of all sizes. We enjoy helping our clients improve their traffic and online sales by utilizing proven methods that deliver great results without raising costs. Establishing a marketing budget is an essential step in the planning process, but many overwhelmed business owners aren’t sure where to start. Here are some tips for determining a marketing budget, so you can get the best return for your investments.
Popular Methods of Modern Marketing
Before the age of the internet, marketing was limited to a handful of channels that were often expensive. Results from radio and television ads, newspaper flyers or mail campaigns were also difficult to measure. Thankfully, today’s marketplace is bursting with potential, introducing possibilities that were never available before. Now, business owners can choose from a long list of new advertising techniques including websites, SEO and content marketing, podcasts, email marketing, social media and Pay Per Click ads.
What to Consider When Creating a Marketing Budget
When creating a marketing budget, there are many factors to consider. You’ll need to think about costs associated with training employees, the price of essential software programs and consulting services. You might also need to hire staff with experience in social media management, keyword research, content creation and graphic design. Even “free” methods of advertising like YouTube or Facebook require a substantial amount of time, effort and money to be effective. While a marketing budget will fluctuate depending on the industry and unique needs of each individual business, there are some general guidelines that the average company follows. Many small businesses will invest around 1-4% of their annual budget for marketing and advertising needs. Companies that are more robust, or desire to grow significantly will likely require a larger percentage of the annual budget, often 9-12%. Of course, these numbers will vary depending on your overhead costs and the amount of capital available.
Cost Effective Marketing Techniques
There are ways that smaller companies can enjoy cost savings and still achieve impressive results. Marketing calculators can help you determine a percentage that will work better for your needs. Implementing solutions like email marketing, search engine optimization, social media posts, customer reviews and quality web design can help companies grow their audience and boost sales. Hiring the professionals at iBoost can help modern business leaders reach their goals without taking on the costs of new staff. You’ll receive the highest quality SEO, advertising and website services available, without the need to increase your overhead costs.
Do You Want to Get Better Results for Your Marketing Campaigns? Contact iBoost
Are you tired of trying the same old marketing methods? Get the amazing results you’ve always wanted from your advertising efforts. Contact the team at iBoost today and find out how our SEO and digital marketing experts can help you reach your goals without going over budget.
