You’ve got to spend money to make money, according to the old saying, but how much should small and medium-sized businesses be investing into marketing and advertising? Whether your business is growing rapidly or you are just figuring out how to make ends meet, marketing is an essential component of company operations that you can’t afford to ignore. While some businesses do very well through word-of-mouth marketing, there is a limit to how much you can scale through organic referrals alone.
The U.S. Small Business Administration recommends that businesses generating less than $5 million a year spend about 7 or 8 percent of gross revenue in marketing and advertising. Other experts have suggested anywhere from 5 percent to 14 percent.
If these numbers seem high to you, or you are wondering how much you are realistically able to invest in marketing, here are five ways to stretch your marketing and advertising budget to get the most bang for your buck.
Your consumer has changed. Marketing has changed. Why would you remain the same? ATX The Brand offers branding strategy and digital brand development services. For more information, drop us a line!