Have you spent time perfecting your business launch only to see low sales and site traffic? Are you wondering what you could be doing differently?
The solution lies in investing in a marketing plan, and the first step is honestly asking yourself “how much does marketing cost?”. Businesses often avoid employing marketing teams or strategies over fears of being unaffordable. However, marketing investments are essential to all business types to boost sales and visibility.
Continue reading to learn how to create the affordable marketing budget your business needs!
Identify Your Business Goals
The first step is one you have most likely already completed. You’ll want to set your short-term and long-term goals for sales, profits, and growth. You should also establish goal milestones over a realistic timeframe and develop a plan to do so.
These goals will determine your business direction and also be the foundation for your marketing goals.
Determine Your Marketing Goals
The next step will require researching your customer interactions and analyzing the sales funnel steps you want to focus on. You also need to identify your population targets, desired social media presence, and your goal results.
If you’re new to marketing, you may know your general marketing goals but not the small goals needed to get there. This is where a small business marketing agency can come in to help! They’re experts in marketing for businesses from SEO to social media.
If hiring a third-party agency is not a part of your goals, you can use a freelancer or your staff instead. However, inexperienced professionals can do more harm than good and can cost you more than they save. You’ll need to figure out what the best way is to achieve your marketing and growth goals.
Outline Your Expenses
Before creating your marketing budget, you need to account for your business expenses first. This includes staff, materials, production, and a cushion for unexpected expenses.
The goal is to generate enough sales to afford business costs while also allowing for profits. Taking out a profit percentage for marketing costs may seem difficult at first, but it will lead to more future profits.
Your business may initially need to spend more on marketing than seems appropriate for current sales. But, the more marketing you do, the more sales you make; increased sales will also require more marketing to maintain the momentum.
Make a Sustainable Budget
Now you can use your research to develop a realistic marketing budget for your business. It may be best to overestimate how much to spend on marketing to avoid stress once your campaign has started.
If you choose to do your own marketing, you must factor in all expenses, including hosting fees, analytics, and advertisement spots. These costs may also increase as your needs grow, so be sure to include this in your budget.
The best option would be to budget for a monthly agency fee so they may deliver results consistently. The cost will vary depending on your goals and needs, but a good agency will be transparent with pricing.
Add Buzzhive to Your Marketing Budget
Whether you know your marketing budget or need help getting started, Buzzhive marketing can fit your needs!
We include web design, analytics, and ads as part of our service plans to easily include in your budget.
Schedule a consultation with us to get your business buzzing!