How much do you spend on marketing?
If you were to google this question or ask marketing folks, the answer would be 10 percent of your gross annual income.
For those of you who like math, here is an example. If your gross is $60,000, that means you would dedicate $6,000 toward marketing activities. Depending on your overall business goals this number could and should increase.
When determining how to allocate your marketing budget, ask yourself the following three questions.
1. What resources do we have internally?
If you can delegate tasks such as blogging, case studies, white papers and other content generation to various employees, you can save money and utilize the expertise you have in-house. The best way to manage this is to create a companywide calendar that assigns various topics with set deadlines. Be sure to assign someone to manage the process to ensure deadlines are met and content is posted in the appropriate places.
2. How do our customers find us?
Send out a survey to your existing customer base and ask them how they heard about you. Was it word-of-mouth? A google search? If the majority of them found you online, then it would make sense to spend money on SEO or online ads. The content you are generating internally also will help.
3. What are our business goals?
If you have plans to revamp your sales program or your website, then you will need to set aside money for creative assistance. This type of support can often blow a company’s budget. Websites are not a cheap endeavor; however, they are a necessary tool in today’s world. It may make sense to add a line item to your marketing budget that is specific to creative needs.
Regardless of how you allocate your marketing budget, all activities need to be tied to metrics. If you don’t determine what success looks like, then how do you know what your ROI is?