If you’re both the business owning and New Year’s resolution type, you’ve likely thought of your marketing goals and budget. But unless you over research everything as much as I like to, you might be asking yourself, “OK so if I’m committing to spending money on marketing, what can I get for my investment?”
A general guideline that most groups and best practices recommend seems to be spending between 5-10% of revenue (I think net versus gross revenue) on your marketing. But the reality of course is that it’s up to you but setting aside some money gives you some options.
I’d also like to take a moment and remind you that even if you spend $0 on marketing, you are not spending zero time… and your time is worth something! But in terms of hard dollar spends, here is what you can get at different price points.
I didn’t want to repeat the content I did with the Watertown SBDC’s livestreams recently so I’ll link them below. That second one about budgets does a sample marketing budget for a totally fake company with $250/month to spend, with $500/month to spend, and with $1000/month to spend. Just fast forward to Peter’s Potholders slide if you want to start from there (about the 15 minute mark, we get a little chatty!)
Marketing Goals Broadcast with Watertown SBDC
Marketing Budget Broadcast with Watertown SBDC
Here’s hoping this gets you thinking about a marketing budget for your company, non-profit, or project, no matter how small, and spend it intentionally (and joyfully) to get you even further in 2022 than you’ve gone before. And if we can help, book a consult with us.