Effecitve marketing requires an investment. For a business, this means creating and spending a marketing budget. But how much should you spend on marketing, and what return should you expect? There’s no one answer, so let’s examine the right approach.
Where do I start with my marketing budget?
- Figure out what you’ve spent to this point.
- Create a document to track everything and work with your accounting team.
- Develop an ideal budget for what you’d like to spend.
- Think big and work backward to what is realistic.
How much should I be spending on marketing?
- There’s no one right answer.
- It’s all about what’s most valuable to your business.
- This is much more than just advertising.
What categories should I consider?
- Marketing software/tech stack
- Content creation
- Advertising
- Networking events
- Sponsorships
How do I expand my marketing budget?
- Measure the ROI for what you’re seeing in return.
- Determine your most effective channels and increase there first.
- Look at the spend as an experiment—try something new and see if it works.
- Get your leadership’s buy-in so they understand the value.
