How much should you spend on marketing for a small business? – iTWire
GUEST OPINION: Choosing how much to spend on marketing is a tough call for any business. For small businesses, it can be especially challenging because there are so many other areas where funds are needed. However, marketing is critical for driving growth and should not be neglected.
There are a few key factors to consider when allocating your marketing budget:
- Your business goals
- The size of your target market
- The frequency and reach of your chosen marketing channels
- Your brand awareness
- The level of competition in your industry
- Your available resources
Based on these factors, you can start to determine how much you should realistically be spending on marketing. As a general rule of thumb, small businesses should allocate around 5-8% of their total budget to marketing. However, this will vary depending on the factors listed above.
Budget Determining Strategy
If you’re still not sure how much to spend, there are a few other methods you can use to help guide your decision. Make…
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