Marketing Budget- What’s with it?
Many small-business owners think a marketing budget is a luxury — an unnecessary expense they can’t afford. But failure to appropriately market and advertise your business can have a significant impact on its ability to prosper. A carefully planned and budgeted marketing approach can help you effectively promote your business to its target demographic while staying within established financial parameters.
A marketing strategy is much like a business plan. It helps your business identify its audience and develop a plan for how to go about reaching that market. A well-thought-out marketing strategy researches, compares and contrasts the cost and the effectiveness of different advertising mediums and determines which promotional vehicles are best suited to the particular operation. The strategy then designates an appropriate budget for achieving its advertising goals and objectives.
A marketing budget allows you to invest in the most basic small-business marketing necessities. These include signage, a website and company literature, including business cards, stationary and a brochure or presentation folder. Other cost-effective small-business marketing approaches include development of a social media presence, sponsorship of community and civic clubs and organizations and participation in business expositions and trade shows.
To ensure your marketing funds are being wisely invested and producing desired results, develop a comprehensive marketing tracking system. This helps you determine which marketing avenues are producing the best returns, attracting the most customers and resulting in the most sales. Understanding how your marketing budget works will help you allocate marketing funds to the highest-producing mediums.
The heart of your business success lies in its marketing. Most aspects of your business depend on successful marketing. The overall marketing umbrella covers advertising, public relations, promotions and sales. Call M-Y Agency today to learn more about how to successfully build your small business.