How to Set a Marketing Budget

How to Set a Marketing Budget

You know that marketing is an invaluable part of your business, but in order to effectively market, you need to invest money. You know what they say: You have to spend money to make money. As a start up, it can be difficult to determine how much you need to set aside for your marketing budget. So, how do you go about determining how much you will need? Read on to find out.

 

 

Setting a Budget

  • Consider your marketing plans. What types of marketing strategies do you plan on utilizing? The types of strategies you use will indicate how much you need to spend. For example, print ads may cost more than social media marketing.
  • Look at the competition. Use your competition to get an idea of how much you should spend. Try researching to find out how much established businesses in your niche have spent on their marketing efforts. This will give you an idea of how much to put toward your efforts.
  • Winging it. There is another option that a lot of startup businesses rely on, and that is just winging it. These businesses find out how much a particular marketing effort will cost and make the investment as the move forward. It may sound a little haphazard and unreliable; however, as a startup, there are a lot of expenses that you simply can’t find out about until you actually spend the money. You can invest more or less as you progress.

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