Most start up businesses tend to spend the majority of their budget on the start up costs of their business. When its time to market their business they do not end up having any funds to market their business. So they resort to free strategies and cheaper methods of marketing. The challenge is sometimes cutting corners especially on marketing can deliver poor results. This is where a good portion of start ups fail and give up on marketing. I meet up a ton of starts up who lack marketing funds but expect to make it big in business.
A marketing budget is needed on any business big or small. Its important to factor in such costs when managing a budget. In fact it is important to set a side funds monthly for a marketing budget. Most successful business use a portion of revenue and profits back into the business for marketing. The key to a marketing budget is to allow room for testing new strategies and gauging results. Sticking to the forms of marketing that deliver the results is the next phase in growing your business.
A marketing budget also allows you to track how much money you set aside for marketing versus how much money you have made in return. The key to identify through analytics and reports how much direct impact the marketing has had to your profit line. Whether you are building a prospect line or converting traffic into sales a marketing budget is required to enable you to expose your business.
Have you considered creating a marketing budget for your business?