Marketing Budget – Why It’s Important
That’s a serious question and you may wonder why I’m talking about a budget on a marketing blog post. Simple, when talking with potential new clients I often ask what their marketing budget is. Why do I do that? Because I need to know what I have to work with in order to help them get where they want to be.
Ahh, I can hear all you cynics out there saying to yourself, “So you can charge as much as you can!” OK, how do you decide if you can help a potential customer if you offer a service or are selling a commercial product B2B?
Is a marketing budget important to your sales efforts?
Let’s take an example, you sell accounting/bookkeeping services, you have a range of services and you’re talking to a small business owner. You have several small basic services that would possibly suit the business but you need information. You need to know which plan is going to be best for them and part of that is (or should be) making sure you sell them the most cost effective plan FOR THEM. To do that, you need to know about their finances.
If you sell appliances to the general public, you need to know how much use it will get, how much they’re prepared to spend in order to show them appliances that will do what they want AND at a price they can afford.
A marketing budget is essential and I never understand why businesses who rely on salespeople to sell their products or services are so reluctant to give someone they’re considering buying from the information needed to get the best value for money. After all, I can come to you and sell you a cheap SEO plan. But if it’s not going to do the job, then it’s a waste of my time, damages my reputation and, is just not worth it to me. Never mind the business I’ve sold it to.
Marketing – How Much Should I Budget?
A very good question. The answer is… well, it depends. Are you a start-up trying to break into a very competitive market? Then you’re going to need a larger budget than a small established business just wanting to maintain the status quo.
Some thoughts on the subject form experts.
If you take the time to read the articles you’ll find the answer is… it depends. What all agree on is that you should have a marketing budget, you should know what portion you’ll use offline and online. Only then can you get the most cost effective marketing in place, whether that’s inhouse or outsourced.