We are sure we all can agree to the fact that an idea is the birth of a business. It is great that you have made the idea a reality by starting your own business but how do you showcase it and reach the correct audience? Unless and until you take your business in front of an audience, there is no chance of success. But how do you do that? That’s where marketing comes in.
The marketing industry as a whole is a vast sphere. It is full of strategies, ideas and constant tweaks to help companies grow and become successful. What forms the basis of a good marketing strategy and execution is a carefully planned budget to do it all, to see the results you want to see.
Let’s take a look at what’s the worth of every rupee you spend to showcase your company or business.
Marketing budget:
The first and foremost question every client is asked is if they have a marketing budget. The answer is an almost no every time. It is important that companies set their marketing budget plan right at the beginning of all marketing efforts. Here’s a quick math for you.
For companies that are 1-5 years old, we suggest setting aside about 12-20% of the gross profit on marketing.
Also keep in mind that it may seem expensive at the start but as the company gets more established and develops good brand recognition, the spending amount drops significantly.
For more established companies, we suggest spending 6-12% of the gross revenue for all marketing efforts.
What do you need to spend on for marketing your company?
We have already established that marketing is a vast sphere. One need not put their money everywhere. It is important to understand where exactly to spend to reap maximum returns with minimum spend. Your trusted marketing agency can help you with identifying that for you. Here are a few platforms you must definitely consider for your brand.
- Website
- Branding
- Advertising
- Social Media
- Events
- Content
The cost spent on each of these channels can vary depending upon the marketing goal of the company.
Marketing is no magic as all great things were not built overnight. It takes time, effort and more importantly good strategies to achieve your company’s dreams.
Do you need help in determining your marketing budget or just need to understand the know-how’s of a good strategy? Talk to us and we will be happy to help!
We are an international Digital Marketing Agency helping businesses form a marketing budget plan. We help them gather the attention they need by crafting attractive and results oriented internet marketing campaigns adhering to the current trends. Click the button below to talk to our executive.
