On this page, you will find a marketing tip, an article, or a resource that can help you become a better marketer or salesperson. It will change regularly, so be sure to check back often for each new proven technique.

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How Much Should I Budget for Marketing?

A Marketing Tip from Julie Wassom

This is a question I am often asked. My response is almost always, “That depends.” Consider these factors when planning your marketing budget:

1.    How new you are in the business or in your community of buying publics. Newer businesses usually allocate a greater percentage of revenue to marketing to fund activities that establish identity, build awareness, research primary target audiences, and drive your brand.

2.    The competitive environment. If you are surrounded by competitors viewed by your prospects as offering a similar level of products or services, you will likely need to spend more on marketing that intrudes through the clutter of marketing messages and establishes a compelling unique reason for prospects to want to do business with you.

3.    How well you layer marketing activities. If you continually execute multiple methods of marketing communications, you can get greater reach and frequency of your message. Combine advertising in the mediums your target uses to get information, with public relations and publicity generation, community involvement, and exceptional customer relations.

4.    How savvy you are with what works. Do you take advantage of lower cost opportunities to get the word out and attract qualified buyers? How well do you track where your inquiring prospects heard about you? Evaluate the results of your efforts and be flexible enough to expand on what is working and to adjust what is not.

Determine what you can allocate into your marketing budget; then plan activities wisely. Evaluate your ROI based on qualified inquiries and sales conversions, and you will soon know the best numbers for you to pencil in on the marketing line of your business budget.

For more on this and other successful marketing and sales techniques, contact Julie Wassom today.

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