Marketing Budget Spend

by | 12 Jun 2015 | Marketing Tips

How much should my Marketing Budget Spend be? This is a question that is often asked by business owners and is definitely one that is always worth careful consideration Whilst most business owners know that you have to spend money to make money (speculate to accumulate) it is always a tricky thing to make a general statement because much depends on the different conditions that are found in each individual business. Whilst it is a given that you must invest in some form of marketing budget spend in order to raise awareness amongst potential and future customers the question still remains. One method is to have no marketing budget spend but to throw some money at advertising when sales are slow, this method is usually adopted when there is no marketing plan done and often takes the form of some kind of offering some kind of special deal which effectively reduces your margins on the sales. Some businesses have a form of marketing budget spend where they wait until someone approaches them with a great offer and then they advertise – “Only $2,000 to get your advert in front of our 25,000 readers”, often it is what the person who is offering these deals doesn’t tell you that is important (Actually we only print 5,000 of these items but they are all read by 5 people, we think, or we are offering this deal because we have to go to the market next week and the last lot of advertisers are not advertising this time.) So be careful when approached in this manner. There is a school of thought that...