How Much Should I Be Spending On Marketing?
There is no ‘one size fits all’ answer to this question. An easy answer is ‘something is better than nothing’, but if you are serious about your business succeeding then you need to think bigger.
Marketing is like food for your business, the better you eat, the healthier you are. So, it’s really a question of scale. What do you want to achieve? What are your business goals and expectations? Where does your business sit in the growth cycle? Are you a start-up business or have you already established your product and brand in the market? Answering these questions will help you determine what you need to invest to meet them.
For example: Early stage start-up’s will need to spend more time and money up-front to drive product and brand awareness. Whereas, more established businesses are able to rely more on ‘word of mouth’ marketing – reducing the amount spent on these areas.
No matter where you sit in the growth cycle, every business needs to invest in marketing to some degree. Just make sure that whatever you do, you track and analyse the results. You don’t want to waste time or money in areas that aren’t getting you the best results. And, if marketing isn’t your strong point, don’t hesitate to get help from a professional!