Marketing is the lifeblood of any business, driving exposure and helping to achieve expanding growth.
It’s the way you get your value in front of your customers, but it’s a process that costs resources (time, money, effort), and you’ll want to make sure you’re investing in the most sustainable way that spends just the right amount to get the best results.
That’s why in this article, we’ll explore the importance of marketing, how to determine the right budget for your business, and how to effectively collaborate with marketing professionals to make the most of your marketing plan.
Understanding the Importance of Marketing
You’ve spent so many hours building your business, making sure all your people are in the right places, the workflows are set, the infrastructure’s in place, and you’re ready to bring real value into your customers’ lives.
So now’s the time to get your customers on board.
This is why marketing is so important, but there’s a problem.
We live in a convoluted world where content is everywhere, there’s more competition than ever before, and it’s so difficult to get in contact with your target audience and actually make them care about your products or services.
And this is why looking into how much you spend on your marketing is crucial.
You can either throw all your money into every channel and possible opportunity you can and hope for the best while losing a ton of money, or you can spend too little and not get enough results to become profitable.
Somewhere in the middle of these two is the perfect balance of how much you should spend for the best results, and we’re all about striving to get as close to that figure as possible.
When you can, you get to enjoy all the beautiful benefits marketing has to offer, including;
Establish your brand in the market
Reach your target audience
Promote your products and services
Foster customer loyalty and trust
Increase revenue through sales
To get the best results, investing in a comprehensive marketing plan that covers branding, digital marketing, and market research is essential.
As a rule of thumb, many companies agree that between 2% – 5% of your total sales revenue should be spent on marketing.
This is more like 12-20% for new businesses looking to get established.
However, the right amount for your business duly depends on your specific goals and circumstances.
Setting Your Marketing Goals and Budget
Okay, so when you’re working on setting your marketing spending, it comes down to your goals and what you’re trying to achieve. After all, every business is different and aims for different things.
For example, a plumbing business will look for customers in their local area and won’t need customers in another state to look at them. On the other hand, a SaaS will want to connect with as many relevant businesses as possible worldwide.
The two approaches to marketing, and the costs, are very different, so the first step is to get clear on your business needs.
Start by setting clear marketing goals aligned with your overall business objectives. Consider factors such as:
Your current market position
Your target audience
Competitor analysis
Desired growth rate
Available resources and budget
Again, the general rule is that you should spend between 5-20% of your total budget on marketing efforts, depending on your business size, how established you are, and how much you’re already earning.
A fast-growing startup may need to invest more heavily in marketing to build brand awareness and gain market share quickly.
Bear this in mind when setting your goals, and read on!
Investing in the Right Marketing Channels
Once you’ve set your marketing goals and budget, it’s time to start thinking about what channels you’ll put your budget into. Let’s look at the basics;
Branding: Develop a strong brand identity that resonates with your target You need to do this first so you know how to present yourself online.
Digital marketing: Utilizing platforms like social media, email marketing, and content marketing to engage with your Also, set up a website to act as your online HQ.
Market research: Gather insights about your customers and competitors to inform your marketing Who’s your ideal buyer, what are their wants and needs, and how will you connect with them?
Advertising: Investing in paid ads on platforms like Google and Facebook to drive traffic and
Remember, the key is to find the right mix of channels that align with your goals and budget. There’s no hard-and-fast answer to what mixture is the best, but it depends on your business model and what you’re trying to achieve.
For example, B2B customers might only really be active on LinkedIn, so your social media budget could be small, whereas your website and paid ads could be high. Alternatively, it might be best to hyperfocus your efforts on LinkedIn if that works for you.
I will say, however, don’t put all your eggs in one basket.
It’s better to split a $2,000 budget into five $200 channels to test what works and what doesn’t and then invest your remaining $1,000 in the most successful channel.
Collaborating with Marketing Professionals
You’ve probably heard the saying, “It’s not what you know, but who you know,” and it’s so true when it comes to marketing.
There are two ways to look at this.
Firstly, word of mouth is everything these days, and people are far more likely to use your business when someone else has recommended you.
This is because social proof reduces the risk of using a service. If you come across a new business and don’t know its service’s quality, you’ll be more hesitant to use it.
Alternatively, if you come across a business with 500 five-star reviews, it’s clear it’s tried, tested, and spending your money is a safe bet. This is what you want people to think when using your business.
Secondly, working with marketing professionals can help you get the most out of your marketing budget.
When you collaborate with experts in branding, digital marketing, and market research, you gain access to their valuable insights and experience. This can help you develop a more effective marketing plan and ensure your marketing dollars are well-spent.
That’s precisely what we do here at KJ Marketing Group. We offer a ton of strategic marketing services designed to help you achieve your business goals. More on us later!
Evaluating and Adjusting Your Marketing Plan
Putting all this together, you should be at a point where you make the most of your marketing budget. It’s a fair amount, distributed in the best ways to get the best results.
However, this isn’t a one-and-done process.
Far from it.
It’s crucial to regularly evaluate your marketing plan and make necessary adjustments based on your results.
Monitor key performance indicators (KPIs) like website traffic, conversion rates, and customer engagement to measure the effectiveness of your marketing efforts.
As your business evolves, you may need to adjust your marketing budget and strategies to continue driving growth. Tweak and change, adapt to the market trends, and be flexible.
Conclusion
Investing in marketing is critical for achieving business growth and increasing revenue. By setting clear marketing goals, creating a well-defined budget, investing in the right marketing channels, and collaborating with marketing professionals, you can optimize your marketing plan and drive your business toward success.
Remember to continually evaluate your marketing efforts and adjust as needed to stay on track with your goals.
So, don’t wait any longer to invest in your business’s marketing future.
Collaborate with marketing professionals and take advantage of their expertise to make the most of your marketing budget.
Visit KJ Marketing Group today and discover how we can help you achieve your marketing goals and drive your business towards expanding growth.
Happy marketing!
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