Guide to Small Business Marketing Budgets

SMALL BUSINESS :: MARKETING BUDGETS:: WHAT ARE THEY AND WHAT SHOULD THEY BE? MAR-KET-ING NOUN : the activities that are involved in making people aware of a company's products, making sure that the products are available to be bought, etc. BUD-GET NOUN :an amount of money available for spending that is based on a plan for how it will be spent Marketing is the key to small business growth, yet many business owners so are involved running the rest of their business that they don't have enough time and resources to dedicate to marketing. Let's change that. WHO ARE SMALLBUSINESSES? THERE ARE AROUND 28 SMALL BUSINESSES INTHE A I MILLION UNITED STATES SELF-EMPLOYED OF WORKFORCE OF 50% 120 MILLION WORKS 78.2 % IN A SMALL BUSINESS 50% DO NOT 78.2 % of firms are nonemployers, or firms with no payrolls. CURRENT MARKETING BUDGETS 52% 24% SMALL BUSSINESSES THAT WANT BIGGER BUDGET SAY GROWING A BUSINESS KEEPSTHEMUP AT NIGHT YEARLY BUDGET: $2, 000 L, 67% OF BUSINESSES SURVEYED PLANNED ON SPENDING JUST OVER $2,000 FOR THEIR MARKETING BUDGET IN 2012 HOW MUCH WOULD $5,000 HELP A SMALL BUSINESS? WOULD HAVE WOULD SIGNIFICANTLY LITTLE OR HELP OR SAVE BUSINESS WOULD HELP NO IMPACT BUSINESS 20% | 33% | 47% WOULD USE THE &27% $5, 000 ON MARKETING MATERIALS. (THE #1 CHOICE) HOW BUSINESSES SHOULD BUDGET OVERALL MARKETING SHOULD INCLUDE: Print Marketing Website Development Broadcast Advertising Search & Social Marketing Trade Show Marketing Public Relations HOW TO ALLOCATEMARKETINGBUDGET MORE ACCURATE LESS ACCURATE MARKETING PLAN OBJECTIVE Most effective, budgets match objectives. Thought most logical by most. MATCH COMPETITOR Base spend off of similar competitors to keep up with them. PERCENT OF SALES DOLLAR APPROACH Base flat rate on what you Popular method, usually 9-12% of annual budget can afford. Base on others an average. in field. "YOUR FIRST COUPLE OF YEARS, YOU HAVE TO SPEND AS MUCH MONEY AS YOU CAN POSSIBLY AFFORD, EVEN UP TO 15 PERCENT." -PETER GEISHEKER SOURCES: BROUGHT TO YOUBY: 1. http://www.census.gov/econ/smallbus.html 2. http://blog.intuit.com/local/small-businesses-wish-big-for-the-holidays-infographic/ 3. http://www.legalzoom.com/business-management/promot- ing-your-business/cost-marketing-what-is 4. http://www.inc.com/guides/2010/09/how-to-build-your-marketing-budget.html COASTAL CREATTVE REPR OGRA PHIC S wwW.COASTALREPRO.COM LESS DIFFICULT MORE DIFFICULT ШИ