Advertising and Marketing are not created equal
Before we jump into how to determine a marketing budget, let’s find out what a marketing budget can do for your business.
This used to seem like such a grimy word.
Today I want to alter that perception.
The purpose of marketing is to create awareness, generally through unpaid mediums with a lack of control. On the other hand, advertising relates to paid avenues with the same end goal but much more control.
This is why learning how to determine a marketing budget for your business includes marketing and advertising in the is case. Add anything related to awareness into your marketing budget.
Here are a few reasons to start paying for advertising in your business.
Perception- Just by the sheer fact that you can pay for advertising gives your business a perceived cache over others. Imagine seeing a local bakery with a billboard as opposed to one without. Which would you assume is more successful?
Control- Earlier I mentioned that advertising provides a bit more control while marketing is more of an awareness tactic. Your ad placements allow you to target your perfect customer. Hence, a higher level of control when using paid mediums. If you aren’t sure who your perfect customer is, get your free download- The Socialife Guide to Attract Your Perfect Customer here.
Measurable- Measurement is key in advertising. The ability to determine ROI for your social impact business encourages growth and good decisions in the future. When you determine a marketing budget, measurability is the determining factor as to whether the campaign is viable or not.
How to determine a marketing budget for any business.
In today’s video, I’m sharing 3 major tips to begin creating your marketing strategy so you can maximize your advertising spend.
The best rule of thumb is to use the industry standard of 2-5% of your gross income.
Whether you are just getting started or you have a long standing business, you can determine the RIGHT sized budget for your business.
In today’s video I’m sharing 3 tips to help you determine a marketing budget for your business!
10 Ways to Contribute To Your Marketing Budget
I hope you enjoyed the video! Now, that you know HOW to determine a marketing budget check out this post on building passive income into your business!
Let’s increase that marketing budget by increasing that revenue!
Now get out there and Unleash Your Something Amazing on the world!