Nowhere is the Marketing Budget more important than in a small business. Especially in tough times, the Marketing Budget is all too often the first item on the chopping block for many small business owners. However, with astute planning, any Marketing Budget can be stretched and still achieve optimal results.
Most small businesses do not have the resources to fund a radio ad blitz, high-end glossy brochures or flashy website design within the confines of a limited Marketing Budget. This is why careful planning and low-budget creativity are essential to getting the word out to your customers on a consistent basis, ultimately growing your bottom line.
Marketing Budget: Roadmap for Successful Businesses
Every company, down to the smallest proprietorship, needs a Marketing Budget. Without an established plan for how you will allocate your marketing dollars, you guarantee that you will either misspend, spend too much or not spend enough to advertise the benefits offered by your company.
Here are the most important areas where a small business may choose to devote its marketing dollars.
Digital Marketing Budget:
This area of the Marketing Budget is becoming more important by the day as more and more businesses conduct their affairs online. There are now website options for any budget, and web designers who can help design a site to meet your precise needs.
Branding Marketing Budget:
Many branding techniques are done in print, and include items such as brochures, flyers, letterheads, invoices, business cards, promotional folders and quote sheets. To develop a distinctive logo and signage, you will require the services of a graphic designer. Branding can require a sizable chunk of a Marketing Budget, therefore you will need reasonable estimates of the services and quantities you need to obtain accurate quotes.
Advertising Marketing Budget:
While advertising in a small business setting (where your target market is smaller) is not as widespread as for larger companies, it is necessary to focus a portion of your marketing budget to reach prospective targets and get them thinking about your company. In turn, you can present your unique value proposition and be one step closer to closing the deal.
Staffing Marketing Budget:
If you feel you may need additional staff members to devote to your marketing efforts, carefully consider the cost implications of paying wages and benefits. While this approach will certainly have a large impact on your budget, having individuals who are devoted to creating a focused marketing push may be well worth the extra expense over the long term.