By Shidonna Raven, Chef Editor
Photo Source: Unsplash, Northfolk
There are a few considerations that qualify the suggested percentage (7-12% Revenue) a business should budget to spend on Marketing. There are many great suggestions out there and 7 -12 % is a good budget range. Start-up, news business' or business' enter new areas / markets should consider the following qualifiers:
1. Marketing Goal
As a business one should have a good idea of what they want to achieve and your marketing professional, we, can assist with that. For instance, do you want to initiate a social media strategy. If you do not have a current social media presence, then expecting high conversion at the start may not be realistic. However, a good ROI (return on investment) to have as a goal maybe engagement or followers.
2. Have Relevant ROI (return on investment) Goals
As stated above when looking at ROI goals that should match your overall goals. For instance if your company goal is to become established on social media, then a goal would likely be creating awareness for your company / brand online.
3. Patience
The big P word. Give your goal time to occur. It is great when one puts out a sign for the first day of being open and is packed the whole day. However, most business must give time for their goals to be successful. Typically, if not always, analysis is conducted to see what is working well and how one might apply changes to make a marketing campaign more effective.
Plan and budget for the long run and for analysis and updates. Coca Cola as an established brand and drink can stock shelves and expect a certain return. However, if they bring a different version of their drink to market, typically the new version, whether that be Coca Cola Zero Calories or Coca Cola Clear Christmas even this new introduction will take time to gain traction in a market where Coca Cola is already established. The brand name helps. Nonetheless, one must be patient.
Do you have an online presence for your business or a personal brand? What is your Online Marketing Plan? What is your budget....we are here to help:
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