As a small business owner, it can be tough trying to make it out there, especially if you don’t have much money to work with. Because of this, you need to plan for and address every aspect of your company, such as marketing.
To help you with your marketing budget, here are a few things to keep in mind.
Look at Your Overall Goal
Businesses in different parts of growth will have different things they need to achieve. For instance, if you’ve just started your company and need to scale your sales fast, then your goals won’t be the same as a company that’s already well-established in the industry.
If you need to scale quickly, then you need to allocate up to one-fifth of your budget toward ads to spread awareness. Otherwise, if you’re more established, then you’ll need to spend less on ads since you already have people interested in your products or services.
Consider Where You Want to Advertise
There are so many channels and touchpoints nowadays that it’d be incredibly unwise to try and tackle all of them. Instead, research where your target audience is and focus on those areas.
For example, if you’re looking to target a young audience, you’ll want to focus on platforms like Instagram and Snapchat. If you’re interested in targeting older businessmen, then you’ll want to focus on something like LinkedIn.
Calculate Your Potential ROI
Each action you perform has a “return on investment,” or ROI. Just because some areas of marketing have a high cost doesn’t mean you should cross them off the list.
For whichever platform you’re interested in, look at the initial costs and factor in how quickly and how much ROI they can generate. A high-cost platform may turn out to have a better ROI than something lower cost.
Set Your Goals for the Quarter or Year
Take a look at the big picture and set your goals for either the quarter or the year, or both. This lets you know how much revenue you need to end up in the green.
If you find that you need a larger marketing budget, consider getting a small business loan from somewhere like Fundygo.com. That way, you can grow your business without hindrance.
Allocate Your Marketing Budget
Now that you have a plan and the proper funding, you can distribute your marketing budget accordingly. For instance, you can allow for $300/month for Google Ads and another $300/month for Facebook ads.
Plan Accordingly for Your Marketing Budget to Make Every Penny Count
When you plan accordingly for your marketing budget, you can turn even the smallest budget into the most successful campaign. All you need to do is be smart with it and you’ll see a huge ROI on whatever you pursue.
If you need more advice on running your small business, then take a look at our various articles.