How Much Should I Spend on Marketing My Small Business
Marketing can seem overwhelming for any business. Since marketing is complex, it requires multiple critical decisions for how you want to market, your marketing budget, and your marketing goals - click here for more information.
Hopefully, you know that any business needs a digital marketing strategy to keep up with your competition, watch your marketing results, and keep your business on track to succeed. Although you may know that you NEED to market your business, the underlying questions are how much and at what cost?
Although the exact amount of marketing may vary depending on your industry, location, demand for marketing near you, and marketing goals; We are here to give you the truth about marketing and its costs. Since this is only an estimate, contact us today for more information about your marketing budget!
From The ExpertsAlthough many marketing agencies often recommend that small businesses should spend 7-8% of their gross revenue on marketing efforts. However, many businesses do not. According to a study, small businesses tend to spend 3-5% of their revenue. That seems like a lot, and it is. Especially for a small, new business. However, some businesses spend anywhere from 9-12% of their revenue on marketing efforts. It is all about your budget and the marketing goals that you would like to achieve.
Do I Need Marketing?Wow, 3-8% is a lot of revenue spent for small, local businesses. However, marketing is crucial for any business of any age and size.
Click here to learn more about why marketing is crucial for your business.
Although marketing can seem like another unnecessary expense, we are here to tell you that it’s not. As long as your marketing efforts are effective, your business will have leads and slowly eliminate those ebbs and flows of revenue.
Now that we have discovered the benefits of marketing, let’s talk about the costs. With marketing, you get what you pay for. There is typically a base fee that is for a standard package with a marketing agency. This base fee can cover things such as blogs, social media posts, and SEO’s for established businesses. However, if you are a new business, these fees may look a bit different. Such as a website, a Google My Business page with verification, and even a start to your SEO’s.
The base fee is what the company charges for a standard subscription for their services. However, many marketing agencies also offer A-La-Carte services. A-La-Carte services offer a wide variety of services outside of the standard package. These services include; SEO, social media, paid advertising, connect marketing, and more. These are added services that can enhance your marketing efforts without having to upgrade to the next package.
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A Minimum Budget
Wow, marketing is amazing and I want to get my services started as soon as possible. But, what is the cost?
Well, marketing experts recommend dedicating at least 3-8% of your total business revenue however, some businesses spend anywhere from 9-12% of their revenue on marketing. What does that mean for your business?
Well, the bare minimum that Stradigi recommends is $500 a month. Although this can seem like a lot (or a little), it can actually be the perfect amount.
$500 a month should be the minimum amount that you spend on marketing. That’s not that bad, right? Well, $500 gets you the basics with most marketing agencies. However, if you want to gain online traffic, you will need a bit more than that.
Although $500 might not seem like a lot, it is. Here at Stradigi, it gets you quite a bit. For example, we give you your entire virtual marketing department. This includes the people, resources, and structure that you need to start marketing. We give you a platform, systems, and tools as well. This allows you to have everything you need to start your marketing journey and more. Some examples of our included services are - A Marketing Plan for short term, mid-range, and longterm goals, Web development, A Roadmap, Tools For Your Business (GMB, Website), Citation Profiles, Content Marketing, Blog Posts, SEO and Optimization, Social Media Marketing and management system, Lead Generation, Target Marketing, Easy Communication System, Marketing Organization System, and a Marketing Progress System
The best marketing agencies always offer more than one strategy. Typically the best marketing agencies offer personalized packages to cover all of your business goals.
Contact us today for more information.
What Should My Marketing Plan Include?Although you may have many requirements for your marketing agency, it is important to have a list of questions for your business as well. This can include marketing goals, a price range, and if you would like a full service agency or an individual agent.
Marketing plans can be stressful. Click here for more information on what your marketing plan should consist of!
Over time, your business might need a little bit more than the initial start up marketing plan. This is where your marketing budget might increase. However, by now you should have a bit more revenue and should be able to afford more marketing. This could be more paid ads, more blogs per week, or even more marketing emails. However you decide to enhance your marketing, it will show results.
In conclusion, we wouldn't recommend spending less than $500 a month on marketing. Typically with marketing agencies, you get what you pay for. This is why we started Stradigi. We are for entrepreneurs, by entrepreneurs. We understand that it can be stressful to market your small business.