$ Spent on Marketing…How Much and Where?
September 19, 2019
We’re into the second half of September which means that we’re probably all back at it after some good family and friend activity over the summer.
Sooner than we’d like to think, we’ll be turning our attention to personal and business goals and visions for 2020.
This is the stage where it is so very important to think big, sans limiting beliefs … this type of BIG thinking allows your business to grow. You allow the ‘right’ side of the brain to see the vision … the big picture.
Then, you allow the ‘left’ side of the brain set the goals and plans and make it happen.
One of the defining ways to make it happen is by setting a budget.
How Much to Budget For Marketing in 2020!
As an established business, you have some market share and brand equity already, and yet, there are always emerging brands looking to capture new market share and develop brand recognition with an audience (including your audience) that have absolutely no idea who they are.
It is suggested that a company of your size spend between 8 to 12 percent of your gross revenue or projected revenue. For easy calculations let’s use 10% as a round number.
Where To Spend That Budget For The Best Return
Based on your product or service, the mix and dollar spend on each of these areas will differ significantly depending on your targeted areas of growth and your marketing strategy.
Since there are no magic bullets to reach your success goals, it’s so very important, at this time of the year, to take the steps to ensure that you continually build your brand in a measured, directed manner.
Related: Brand vs Branding
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