It’s more important than ever to ensure you’re allocating the best resources for marketing your business to the right audience. And most of the those resources will inevitably have dollar signs attached to them – especially if digital marketing isn’t your forte. But this will be money well spent if you hand off your marketing plans to knowledgeable people who are taking care of business – namely yours!
When planning the best marketing strategies for your small business, it’s important to set money aside for the fiscal year. According to Small Business Trends, between one and two percent of revenue is the average amount spent on marketing, though it varies by industrys. Furniture and jewelry stores typically have the highest average, but there’s even more variation in a 2014 study from Web Strategies. That research suggests three percent is set aside for digital marketing by those in the construction industry and up to 18.9 percent in consumer services industries.
Wherever your business lies on the graph of spending percentages, it’s important to recognize your spending may vary month to month as well.
As for the allocation of your marketing budget, these days the percentage spent on marketing is only increasing. And when it comes to digital marketing – whether that includes a website, social media presence, digital advertising… the list goes on – you can use your dollars in so many ways within this one category that it should arguably be your biggest bucket in which to drop the cash.
Remember, what your potential customers see online is often how they form a first impression of your business. Having a responsive website (one that functions and looks good no matter the device) with optimized SEO (so it shows up prominently in search results) and paid advertising on social media are the foundation of a strong digital presence. You can then add on as much as you like from there. The key is ensuring you are marketing to the right online audience in places where they will mostly like come across your business to get the most out of your digital spending.
All of this might make your head spin a little, but that’s where the knowledgeable consultants at Hyport Digital come in. We can do the heavy lifting when it comes to marketing strategies to ensure the best results for your brand.
The post How Much Should I Spend on Digital Marketing? appeared first on N2DIGITAL.
