Tag: Marketing Budget

How to Develop a Marketing Budget | businessnewsdaily.com

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What is enough to get your brand noticed and drive conversions? How much is too much to generate a meaningful return on investment? Here’s what you should know about developing a marketing budget.

  • A key element of a marketing plan is budgeting, which determines how much you have to spend on which marketing strategies.
  • To develop a marketing budget, identify your goals and the optimal channels for reaching your audience.
  • Marketing spend for small businesses varies wildly, from a few thousand dollars per year to thousands per month.
  • This article is for entrepreneurs preparing to develop a marketing budget that will deliver results without negatively impacting the bottom line.

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The #1 Thing You Forget In Your Marketing Budget | Wonderbranding.com

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Type “marketing budget template” into a search engine and you’ll find several examples, from the most basic to impressively detailed.

But 99 percent of the time there’s one important line item missing – your Cost of Occupancy.

Cost of Occupancy = Yearly Rent or Mortgage 

Your yearly cost of rent or mortgage payments should be treated as a marketing expenditure.

Why?

You sell a product or service that relies on foot traffic. The better your location, the more visible you are to potential customers.

The more visible your location is to potential customers, the less advertising you need.

Location = Advertising 

Therefore, your Cost of Occupancy should be designated as a line item in your marketing budget.

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