Marketing is absolutely essential if you want to have a successful business, however, according to the U.S. Small Business Administration, small business seldom invest in marketing strategies. This is a common mistake of small businesses and start-ups.
Whether you are offering a product or service, if you do not have the right marketing plan in place you cannot expect to have a successful launch. With that in mind, small businesses should also be careful not to overspend with an expensive public relations firm and marketing consultants. Biting off more than you can chew can be detrimental to your overall business plan. So what is a healthy balance? What’s the best way to get the biggest return on investment (ROI) for your marketing strategy?
It is recommended by the U.S. Small Business Administration that, “small businesses with revenues less than $5 million should allocate 7-8 percent of their revenues to marketing.” Your marketing budget should include brand development and promotional costs. That being said, having a marketing plan is crucial. Take a look at your target market. What are their ages and other biographical information? This can help you determine if you want to focus on social media, online advertising, digital advertising, printed materials, and so on. Perhaps one of the most beneficial and economic means of advertising is through digital signage. Tech Nation offers digital ads for as little as $1 per day. This is a great way to get in front of your market without breaking your budget.
Once you have a marketing plan and budget in place, be sure to review it often. Remember, it is not set in stone. You can fluctuate depending on what is working or not working. Your marketing budget should be an annual budget, no matter how successful your company becomes marketing will always be key to maintaining your success and growth rate. If you are interested in learning more about Tech Nation’s digital advertising services, please contact a representative today at 855-724-6484.