With 2024 just weeks away, now is the time many businesses finalize their marketing budgets for the coming year. If you are a small business looking to create a marketing budget, but have no idea where to start – we are here to help. Here are some marketing budget tips and advice to help you knock your 2024 marketing out of the park.
“Why should I bother with a marketing budget? I’ll just make decisions as I go.” Look – if that’s what you want to do, and you think you can be efficient this way, then more power to you. But a marketing budget is going to help you make conscious decisions on what marketing initiatives are worth your time and money. When you do not have a marketing budget, it is easier to find yourself becoming distracted by “shiny things” and marketing initiatives that are not necessarily a worthwhile investment.
Length of Time
A year is a long time. 12 months. You may not feel comfortable deciding on a budget for such a large chunk of time. If that’s the case – DON’T! A marketing budget does NOT have to be yearly. You can create a budget for 6 months, quarterly, or maybe even monthly. Your goal when creating a budget is to manage your spending, and to make sure you allocate a specific amount to specific initiatives. If you think this would work best for you in 3 month increments, then go for it! There is no right or wrong length of time. Just make sure you are making an educated decision when deciding on the length.
Other Considerations
When deciding on how MUCH money you are going to budget for your marketing initiatives, there is no right or wrong number. However much you decide to spend is up to you, and only you can make that educated decision. That being said, there are some factors you should consider when deciding on how much money you are willing to spend.
Industry – Looking at your industry’s average marketing spend will help you find a range that works for you and is still competitive.
“If you can’t fall in that range, that’s okay! Just having that knowledge can help you make healthy and educated decisions.”
Age – Where is your small business? Are you in the growth stage, or are you an established business? How much money you should allocate to your marketing initiatives should be at least somewhat based on your business’s stage of life. A newer business will be funneling more money into marketing, simply because they need to to get their name out there.
Revenue – If you are not bringing in a sustainable amount of revenue, do NOT allocate 50% of it to your marketing budget. Look at your incoming cash flow and make an educated decision on what you can afford to spend on marketing.
We get it, marketing budgets can be intimidating. But there is no right or wrong way of doing things – just do it YOUR way. If you’re looking for a deeper dive into marketing budgets, check out the YouTube video below.
Did you find this content useful? Check out our other free resources.
Feel free to share your thoughts with me, I can be reached at vivian@theseasonedmarketer.com!
Looking for more free marketing tips and content specifically for small business owners? Check out our podcast, S.O.B. Marketing Podcast. Every Wednesday we discuss a new topic to help small business owners take on marketing on their own. Listen to our episode of the S.O.B. Marketing podcast wherever you get your podcasts or watch on YouTube! Have a topic you want us to discuss? Email us at Help@TheSeasonedMarketer.com!
Recent Comments