Business Plan For Small Businesses

Business Plan For Small Businesses-61
Knowing how much you have to spend on marketing is critical, but even more crucial is knowing exactly how to spend your marketing dollars. Your small business marketing budget should be a component of your overall business plan, outlining the costs of how you are going to achieve your marketing goals within a certain timeframe.In order to do that, though, you will need to research what these marketing components will cost.

Knowing how much you have to spend on marketing is critical, but even more crucial is knowing exactly how to spend your marketing dollars. Your small business marketing budget should be a component of your overall business plan, outlining the costs of how you are going to achieve your marketing goals within a certain timeframe.In order to do that, though, you will need to research what these marketing components will cost.

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If the platform is generating the ROI you need, then you can continue to invest that amount, or even increase it if you are able.

If the platform is providing lackluster results, you can decrease or eliminate that cost and reinvest in what platforms are working.

Some marketing resources are available with no cost (e.g., “free” low volume email marketing through a platform like Mail Chimp), but even free services eventually will need to be upgraded to a higher functioning platform, and that will come with a cost.

Small businesses may also look to advertise through digital platforms, such as Facebook and Google Ad Words.

This cost hits your budget harder at the beginning, but it will have less of an impact over time.

Finally, most small business owners need to decide whether to outsource marketing activities, depending on the amount of staff and time you have available.

If your business’ margins are lower than 10–12%, you should consider lowering your overall margins and allocating additional spending to marketing.

While this is a tough call for some business owners to make, you should not base your marketing budget on what’s “left over” once all your other business expenses are covered.

The tool allows you to target by language, search engine, and location.

You can then use these keyword ideas to try a Google Adwords campaign for increasing website traffic.

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