Using a Marketing Budget for a Small Business

Marketing is a key part of every business. Whether you own a mom and pop diner or a multimillion dollar law firm, how you leverage your marketing budget can determine the growth of your company and the profitability you see. The problem we see most often with small businesses in the Dallas/Ft. Worth area is them not dedicating enough money to their marketing budget or thinking they can wait a few years before applying a strategic marketing plan, which slows their company’s growth through lack of brand awareness.

The U.S. Small Business Administration has a basic recommendation that businesses with revenues of anything less than $5 million should allocate 7-8 percent of their projected revenues to marketing. You don’t want to wait to do this, because establishing your brand and promoting it is how you build your business.

It’s important to clarify that marketing is a broad term that incorporates your advertising budget.

It all starts with what I like to call your “marketing infrastructure,” which includes all the channels you use to promote your brand such as your website, blogs, social media platforms, mobile apps, and traditional print collateral. You want to have all of these channels in place, with a cohesive design, logo, and tone established.

The amount dedicated to advertising will go to the cost of promoting your brand with targeted campaigns. This can include advertisements on television and radio, press releases, social media ad placement, and sponsorships of events in your area. By getting your brand seen, you are establishing awareness of who you are and what you offer.

It is important to take into consideration both of these aspects in today’s world of marketing. You want to get your brand seen and make your name a recognizable one.  And with the ability to find information about your business just a google search away, you want to make sure all digital and traditional channels promote the value of your brand.

Remember to spend wisely. Once you know the amount you have to spend on marketing, we can help you develop a plan to make the most of that money. Where and how you spend can have a huge impact on the success of your business in Dallas, TX. No matter how big or small your budget, the team at TIK:TALK will be happy to discuss a marketing plan and strategy that will work for you.

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