Most small businesses have low marketing budgets. And that’s cool. Show me a business (large or small) that doesn’t have to tow the budget line. But how can you make sure your marketing budget is put to work in the best possible way, and not a waste of money?
Have a strategy
Investing a few dollars to have a professional guide you through the strategy mix can save you a lot of time and money in the long run.
Having a marketing plan will make you accountable (and consistent) in your marketing decisions. Having everything planned in advance means you only spend what is allocated in your marketing budget and has every marketing activity working in perfect harmony.
Think about your business objectives
The most important consideration in setting the right budget is to understand your growth goals. The more aggressive they are, the more time and money you need to budget for marketing.
If you’re planning to launch a new product, service or open a new location, you need to increase your marketing efforts to gain awareness, interest, and action to fund the training, marketing support, and additional advertising required to make your plan possible.
Time is money
Some businesses decide not to invest in advertising. Instead, they direct resources at networking, trade shows and events or online communications.
That doesn’t mean they aren’t investing in marketing. All of the above are types of marketing plus they’re investing time (and supporting dollars) rather than relying exclusively on costly and traditional advertising vehicles.
Hire a professional of DIY?
For small businesses it’s a tough decision. Weigh up the time it will take for you to DIY and put a dollar amount on it. Next, ask yourself: do you have the capacity to do it well? If you don’t have the knowledge or expertise to DIY, hiring a professional always works out cheaper in the long run.
If you do have the time but not the expertise, invest in short courses to skill up in the area you want to manage and learn how to do it well.
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