Do you have a set rule for marketing budget allotment?
Or do you just place funds in 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?
Reach out to us and get some advice.