It’s getting harder and harder to determine exactly how much money we should be spending on marketing and where do we put that money first? As times change and different sources want your money, it’s getting harder and harder to decipher a solid number.
After reviewing a few classics and doing a little research, we found some answers!
The experts say a good number to shoot for for a small business marketing expense is at least 7% of revenues (7% of money that comes through the doors BEFORE taxes, expenses, payroll, etc.). Meaning if $30,000 is coming in throughout a whole year before expenses and taxes, we should be spending at least $2,000 for marketing. Although some large, publicly traded companies spend as much as 53% on marketing and sales, 7% – 15% is usually the target depending on how competitive the industry is.
What’s the fastest growing and most cost-effective way to market? You guessed it. Mobile friendly, web-based marketing. Be sure your mobile-friendly site is helping you gain trust and not only capturing emails, tracking traffic, and producing leads – but yielding a positive return on investment.