There are many costs involved in opening a small business, one of which is marketing. How much exactly does small business marketing cost? There is no clear cut answer to this question, it just depends on your circumstances and what your marketing goals are.
Circumstance
As marketers, I would love to tell you to spend all of your money on small business marketing – but that is just not reasonable. Finding a balance of marketing costs can be difficult. We suggest you take a good look at your small business and how you need to grow. A SWOT analysis can be a powerful tool for better understanding your business and its needs.
If you find that your business is making a decent profit and has opportunities for growth in your industry – put more money into your marketing. If your small business is still growing and money is a problem, consider looking into lower cost marketing initiatives (social media, guerrilla tactics, sponsorships, etc.).
Marketing Goals
What you are trying to achieve with your marketing, your marketing goals, has an impact on your small business marketing cost.
If you have a very specific goal, let’s say selling out of a specific product, you can likely spend less money on your marketing. Running a social media advertising campaign or simply creating flyers or a display can move your product effectively.
When working on larger marketing goals, like brand awareness, you are likely going to need more resources and initiatives. That does not mean you need to spend lots of money, but you will likely need to work on multiple initiatives to reach your goal.
Sponsorships are a great example of a marketing initiative that could go either way. This marketing tool is a great way to build brand awareness for your small business, and the cost is up to you. There are larger sponsorships you can participate in for hundreds or thousands of dollars, for example a music festival in your local community. There are also smaller sponsorships that can cost you anywhere from $50 to $250. A great example of this is sponsoring your local high school football team.
Small business marketing cost depends on the business, and there is no right or wrong number. Finding marketing initiatives that WORK for your business while also being cost effective is the best way to be successful as a small business owner.
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Feel free to share your thoughts with me, I can be reached at vivian@theseasonedmarketer.com!
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