Marketing is an expression of who you are. Consequently being cheap about it can be disastrous. I like to compare marketing to a steak. It sounds preposterous, but allow me to build my case. You can have a steak at Morton’s or Denny’s. Both will do the job they are steaks by definition and cooked for you to enjoy. The difference however is clear. The Morton’s steak is a thick chunk of beef plucked from a bull of an animal with tastes and aromas that are the stuff of dreams. The Denny’s steak is a one way ticket to the toilet. The same applies to your marketing portfolio.
You have a diverse marketing portfolio, but must be keen to fill it with robust and effective strategies. That is where being cheap can get you into trouble. Your marketing budget should reflect that of a success in the marking at all times. The Federal Small Business Administration proposes businesses spend up to 20% of their operating costs on marketing during their early years and maintain similar 8%-12% budgets to maintain growth. (See for yourself here: https://www.sba.gov/blogs/how-set-marketing-budget-fits-your-business-goals-and-provides-high-return-investment).
The reason is obvious. Your business needs customers to survive. Below are some numbers to help you estimate the MINIMUM range of costs various techniques need to remain effective every month:
Google and Facebook: $250-$500
If you have a question about how much a marketing strategy costs for your business, feel free to drop us a line via our contact forms for more case specific answers!