Almost all businesses plan to increase their investment in at least one digital marketing channel in the next year. Many small businesses may not have properly budgeted out their marketing strategy. This article will help small businesses create their first marketing budget, focusing on what should be included and how to avoid some common mistakes.
For every business, marketing is essential to profitability and growth. Yet, according to the U.S. Small Business Administration, many small businesses don’t allocate enough money to marketing, or they spend their marketing dollars haphazardly.
More likely than not, small business owners lack experience developing and implementing a realistic marketing plan and budget.
A solid marketing budget is necessary for selling products and services.
Here are the 5 steps that a small business should follow to develop a marketing budget:
- Research your customers
- Match spending to revenue
- Make wise spending decisions
- Correct the course as needed
- Utilize best practices