I am small. I can't afford it.
If you are a small business, it is easy to believe you can't afford marketing or advertising. Fortunately, today there are many budget scales for marketing and advertising. Bottom line: you must do something. Even if you are a small company, marketing and adverting can be affordable on your scale. YOU can do many tasks to avoid outsourcing. Talk to a professional to find out what you can do now to build your business.
I don't have time.
If you put off marketing and advertising because "I don't have time", it may be time to find someone to help. Whether you are busy or not, it is important to set aside time each week, even an hour, to invest in your business. Schedule it. Do it.
How do I know what to budget?
This is a question many small businesses struggle with. Deciding what to spend on marketing and advertising can be a challenging part of owning a business; however, established recommendations are out there. Admittedly, it may be difficult to pinpoint one solution that fits every company since there are many variables to factor in, but find a budget marketing and advertising scale that fits your goal. Bottom line: budget something.
Spend money to make money.
According to U.S. Small Business Administration, if you are making less than $5 million a year in sales, you should budget 7 – 8 percent of your gross revenue for marketing and advertising. And if you are in a competitive industry, they recommended spending up to 20 percent[1].
Where to spend money.
According to B2B, the chart below shows where most leads were generated within the last couple of years and is still recommend for 2017[2].
Which is the most successful?
Based on this report, focus on these lead generation strategies:
- Email marketing
- Search marketing
- Social marketing
- Content marketing
If you want to look into these four categories further, read this article[3].
The first step.
You've already taken it. Now you need to put a plan into action. See how affordable Können Design can be for you. Set up a free consultation meeting to discuss your business and plan for the future.