Sunday, March 3, 2019

How to Decide On Marketing Budget

Wazzup Pilipinas!

If you are a business owner and you are unsure how much you should be investing in your marketing, here is the deal. The easiest answer to your marketing budget problem is that as long as you are getting some return, you should be good. I mean, if you are investing a dollar and if you are getting a dollar and 10 cents in return, that is great right?

However, here are some tips that will help you in deciding on your marketing budget:

Tip no. 1: Invest From Profit

According to Harvard Business Review, your marketing budget should be 7 to 15 percent of the total revenue you are generating. It means if you are generating a 100 dollars, you should put back 7 to 15 dollars back into your marketing.

Tip no. 2: Set Sales Target

Another way to look at your marketing budget is to ask yourself how many sales you need. So if you have 10 sales people and you know you want 100 leads you need from each one of them, you need 1000 leads in total. Now ask yourself, what your lead cost is. So if a lead cost you 10 dollars that is a marketing budget of 10 thousand dollars. If you are a company that is just starting out, it may be that you are unsure of your lead acquisition cost. At this point, you should may be try and focus on first experimenting and understanding how much does it take you to generate a lead.

Tip no. 3: Research Competitors Investment

If you are a business, you have a market. This market will have other businesses as well that are competing for your audience. What you can do here is to invest in your marketing budget just enough to be competitive in that market. So you will need to do some research and look into how much your competitors are spending in their business on a monthly basis. From here, you can use this information and spend just as much or a little bit more to be enough competitive for your competitions.

Tip no. 4: Hire Creative & Professionals
Marketing is not just about showing ads. You can buy billboard spaces and Facebook ads and show a million people your product but what goes alongside that is the content that you are showing. So alongside spending in ads, you want to spend in great talent. You want to spend on creating ads that are more compelling than your competitors’. Likewise, you want to invest in your marketing team. You need people on board who are great assets for your company. Don’t just pick people who are willing to work for you at a certain wage but you want to look for people who are passionate about working for you.

Tip no. 5: Find Multi Marketing Channels
Your marketing budget should focus on diversification. Simply put, you don’t want to limit yourself to Google or Facebook ads. You want to create a multi- channel marketing plan. Everywhere your customer is, you want to target them. You want to get there and show ads on Instagram, Facebook, and Google and wherever else your audience is. Likewise, you want to invest in SEO, reputation management, branding and more. Don’t limit yourself to just ads. In terms of budget, you want to divide your budget in half to meet both paid advertising and organic marketing goals. If you do this, you will see the best results.

Summing Up

Marketing in a right direction is necessary to gain popularity and to turn your product in a brand. Nowadays, businesses are done online and every online business and digital marketing works hand in hand with SEO. If you are not seeing any positive result even after marketing, perhaps you need to visit for SEO tools. Google has confirmed that it focuses on 250+ SEO factors when it comes to rank any website. So, before you launch a website for business, consider these SEO tools for successful ranking on Google.

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