It’s important to set a budget for marketing.
Do you have a set rule for marketing budget allocation?
Or do you just allocate marketing whatever is left after all of the projected business expenses for the year have been set?
USBA suggests 7% to 8% for small businesses. However, you can shoot for up to 20% if you really want to smash it hard in the marketplace.
A survey from the CMO Council, on the other hand, comes with similar results with 74% percent of marketers allocating 4% to 6% of their annual gross revenue to marketing, while only 2% apportion more than 20%.
The size of your marketing budget will fuel your marketing efforts, and so if you’re in a very competitive industry, and most especially if you’re in the early stages of your business, then you should really have a strong budget.
How do you structure your marketing budget?
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