Every store needs to have some sort of marketing strategy implemented within their store. No matter how big or how small it is, it needs to be in place and effective. Marketing is the key to getting your store’s name out there. It lets everyone know how great your store is, what products you offer and it helps reach potential customers. Marketing is truly so important to your store. However, the one question that is on everyone’s mind is, how do you set your budget accordingly? So, this week’s marketing tip is all about your marketing budget.
First off, if you’re new to marketing, you need to test different marketing strategies. Figure out who your target market is and try out different marketing strategies to see what best suits them. You may use one tactic and it work extremely well, however, you may try out another one and it’s a big flop. Therefore, you must experiment and eliminate or experiment and implement.
How do you determine your marketing budget? It varies, depending on what industry and how big or small your business may be. Another good question is how much and how fast you want your company to grow. Sit down and figure out the answers to these questions. Then, you can set a reasonable budget that is within your limits. The key here is to spend your money wisely.
The next step in setting your marketing budget is determine your revenue. Again, you must take into consideration what industry and what size your business is to set a good budget. Take a look at what your competitors are doing for a good starting point. For example, if you make less than $5 million, a good percentage is 7-8% that needs to be dedicated towards marketing. Maybe you make between $5-$10 million, well 6-7% of your revenue may go to marketing.
Of course, if you don’t have the resources just yet, you can always use social media to jump start your business. There are lots of budget friendly marketing strategies out there that you can implement into your company to get your name out there.
What it mainly comes down to is you set your budget. It’s your company and you determine how much you want your name out there and how fast you want your company to grow. You need to sit down and determine who you are targeting and what channel reaches them the best. Determine your revenue and see how much you can allocate towards your marketing budget. Just remember, spend wisely.
Hope this was helpful! Until the next marketing tip, check out the latest news and wholesale suppliers at FGmarket.
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