Determining A Marketing Budget For Your Business

Are you struggling to figure out what your marketing budget should be? It’s not as mysterious as it seems! There are three key modes to consider based on your company’s goals.

First, start with your yearly operating budget. This will serve as the foundation for your marketing spend.

Next, determine your mode:

1. Stable Mode: If you’re focused on consolidating operations, aim to allocate about 5-8% of your operating budget to marketing. This will keep your efforts streamlined while maintaining stability.
2. Conquest Mode: If you’re ready to take on the competition and capture more market share, increase your budget to 8-12%. This is perfect for those looking to expand aggressively.
3. Start-Up Mode: For new businesses, you need to make a splash! Allocate 12-20% of your operating budget to marketing to build brand awareness and attract customers quickly.

By understanding these modes, you can determine the right marketing budget for your business. If you’re ready to boost your marketing efforts and supercharge your business, reach out today to get started!