How To Determine Your Marketing Budget

Date: 
Thursday, June 8, 2017

Marketing is one of the core elements of a business. Without it people would not know about your products and you would not be able to make a sale. But despite the fact that there are a lot of techniques and strategies out there, it is important to know how to allocate resources to your marketing campaigns so that you would get the best results and avoid spreading your budget too thin.


Determine Your Company’s Size

One of the things that you can base your marketing budget on is your company’s size. Whether you’re a fresh brand or an established juggernaut, there will be different needs for different company sizes.

For newer companies, around less than 5 years old, it is wise to be very aggressive with your marketing campaigns as brand awareness and reputation-building are most likely your top priorities. Focusing around 12 to 20 percent of your gross revenue to your marketing efforts will allow you bigger chances at accruing interested consumers.

On the other hand, an enterprise that has been around for more than 5 years has more or less established their name already. Thus the vigorousness of their marketing campaigns can be dialed back to roughly 6 to 12 percent.

 

Look At Industry-Wide Data

Although there is no one-size-fits-all budget for marketing, it is oftentimes helpful to scan industry trends and practices for more insight in developing your budget. Even if the trend favors strategies that require a budget larger than your own or strategies for different areas of development, being aware of what is currently working in your industry will better inform your marketing plans.

 

Consider Your Online Strategies

In today’s technological age it seems as if more and more marketing efforts gravitate towards the online platform. Since most, if not everyone, are constantly connected to the Internet and look to the web for brand research, it would make a lot of sense to dedicate some percentage of your budget to online campaigns.

A facet of online marketing that you should absolutely adopt is search engine optimization or SEO. A brilliant application of SEO will see your website (another vital thing that your company should have) on top of search engine results which establishes credibility online, as people are most likely to click the sites that appear on the first few pages of search engine results.

Display advertising such as banner ads are also good tools in this day and age, as it can travel far depending on how effective your SEO. It is also quite easy to track, providing you with necessary feedback that will be used to influence future strategies.

Another indispensable platform for online marketing is, of course, social media. Almost everyone in the planet has a social media account, whether it is Facebook, Twitter, Instagram, Pinterest, or the like. Moreover, social media ads are relatively cheap and with a certain amount of skill, you can afford substantial results with little expense.

It can be quite tempting to adopt all the strategies, be it traditional or new-age, but that risks efficiency. To shape the perfect budget for your HVAC marketing campaign, thorough research then appropriate allocation of resources is key. Visit Bluewing HVAC now at (877) 960-3292 to optimize your HVAC marketing campaigns and see the results you want!


 

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