Do you have a marketing budget?
At a recent networking event hosted by LJS, the steps taken with regard to developing a marketing budget were discussed. As most in attendance were small business owners, this topic turned out to be the source to a very interesting discussion.
What factors do business owners consider while developing a marketing budget? How important is marketing for the success of a business? What forms a marketing budget? The answers offered varied but included – researching your brand, it’s consumers and the current market level. Another important point is the various ways of advertising your company. Trade shows, sponsorships, print ads, client relationship management database become an essential aspect while developing a budget for marketing. Of course, there are several ways for marketing your company, but every business has a different target audience. With the changing pace of technology; social media, radio ads, maintaining a company website, creating promotional videos and documentaries are an important part of brand development. The fact that most people own a smartphone indicates that you are likely to have a better response if you incorporate various technical media platforms in your marketing budget.
When asked how much one should invest in marketing budget monetarily, there were a variety of responses. Most people think that the topmost preference indicator is return on your investment. If a certain amount of money is spent on marketing a product, it’s very important that you choose the right medium of marketing. If your target is mostly local consumers, advertising in a wide geographical area isn’t necessarily critical. It’s very important that you know your market. It’s also important to consider your capacity for sales. You might massively invest in marketing, but can you satisfy the needed operational requirements of the resulting growth? It’s also vital to see the season you’re marketing in. Is it a good time to interest your consumers?
At the end of the day, marketing is an investment, and it should provide you fruitful results. Every business owner must monitor their marketing strategy, look for the best areas, and strategically walk in that direction. A marketing budget requires a good plan where there’s scope to business growth. Executing your marketing plan tactfully will surely enhance your company sustainability in the long run.