How to Build a Marketing Budget for Your Small Business

HOW TO BUILD A MARKETING BUDGET FOR YOUR SMALL BUSINESS BROUGHT TO YOU BY: suncoast IDENTIFICATION SOLUTIONS One of the most important parts of bud- geting is often neglected by most small businesses. This forgotten step is the mar- keting portion of the budget. Even though marketing can be costly, this infographic will help to show you what can improve your marketing plan without a huge ex- THERE ARE ABOUT 28 SMALL BUSINESSES IN THE MILLION UNITED STATES pense. UNDERSTANDING ALLOCATION ALLOCATION DEPENDS ON: YOUR INDUSTRY SIZE OF YOUR BUSINESS CURRENT GROWTH STAGE small businesses with revenues less than only about of business owners spend 25% FIVE MILLION DOLLARS should allocate MORE THAN $500/MONTH S on marketing 7-8% TO MARKETING WHY SIGNAGE MATTERS IT ENCOURAGES NEW CUSTOMERS IT SAVES YOU MONEY "How did you learn about us?" A single on-site sign costs $.02 per 1,000 views. 50% On-Premise Sign A 300 line newspaper ad 33% Word of Mouth costs $2.81 per 1,000 views. A single TV ad costs $9.82 9% Newspaper per 1,000 views. KEEP YOUR TACTICS CREATIVE GIVE FREE SAMPLES ATTEND NETWORKING EVENTS SEND WEEKLY EMAILS SPONSOR AN ORGANIZATION COLLABORATE WITH OTHERS GET SOCIAL People are more comfort- able buying something they've tried in the past. If you're making an effort, people will remember Pick a group that your pro- duct/service Create a Build & main- tain customer relationships with a valu- able email. group of non-competi- tive, local businesses and agree to cross-pro- mote. If your cus- tomers are active on social media, you should be too. could benefit you and your business. and get your name out there. BE SURE YOUR PRIORITIES ALIGN WITH RESULTS OF SMALL BUSINESS OWNERS DO NOT MEASURE RESULTS FROM THEIR MARKETING This means they have no baseline to determine how well their marketing is work- ing for them or how to set priorities. Measuring results is necessary for tracking your progress. 56% http://blogs.constantcontact.com/fresh-insights/market-your-small-business/ http://www.inc.com/eric-v-holtzclaw/10-simple-marketing-tips-for-small-businesses.html http://www.sba.gov/community/blogs/how-cut-your-marketing-budget-and-build-your-brand-profitably http://www.sba.gov/community/blogs/how-set-marketing-budget-fits-your-business-goals-and-provides-high-return-investmen http://searchengineland.com/8-tips-for-planning-your-small-business-2014-marketing-strategy-179004 http://www.smepool.com/2012/08/10/statistics-on-small-business-marketing-budget-spend-infographic/ http://cdn2.business2community.com/wp-content/uploads/2012/05/inbound_marketing_explosion.jpg suncoast IDENTIFICATION SOLUTIONS