Key Elements You Must Have In Your Marketing Budget
Getting your idea out in the open these days can be seriously daunting. There are so many elements and services and things that you feel like you “should” know but bottom-line, is it comes down to planning and budget.
Here are some key essentials to look at:
Determine Your Budget
A lot of companies or start-ups literally have no clue as to what they want to spend or how much they should spend on marketing their company or new idea. Here are some general ratios provided by Laurel Mintz Founder and CEO of Elevate My Brand
New Companies:
- Been in existence 1 to 5 years
- Use 12-20% of your Gross Revenue or Projected Revenue towards Marketing Expenses
Established Companies:
- Been in existence over 5 years and have some brand identity/equity
- Use 6-12% of your Gross Revenue or Projected Revenue towards Marketing Expenses
In general the younger the company the less known your brand is, therefore you need to spend a higher amount to get noticed. The more you’re noticed the less you need to spend.
Make Sure You’re Well-Funded
How do I get money if I have no money? How do I start my company without any money coming in? These are all real issues when starting your business. It obviously, therefore helps to be well-funded in order to weather any storms that come your way. Always expect to work harder and spend more than initially anticipated in order to prepare for anything that is thrown in your direction. And if you’re not well-funded then spend your money wisely and try your best to get it right the first time.
Do NOT Miss The Boat
The following list are MUST-DO’s, MUST-HAVES, MUST-NOT-MISS elements in your business marketing:
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- Branding
- Website
- Social Media
- Advertising
- Content
- Events
Now how much do you allocate to each segment? This all depends on the size, scope, and specifics of your brand/business/company. Here are some general guidelines you can follow:
Branding
Inexpensive:$400 or so using services like 99designs or Fivver
Good:Small agency may charge between $4,000 to $5,000 for business cards, marketing materials, etc.
Great: More than $10,000 for a large agency that will be creating a lot of great stuff for you.
Website
Inexpensive: Do-it-yourself web design or hiring your cousin.
Good: For a WordPress-based site design customized to your brand and business expect to spend anywhere from $3,500 to $10,000. We have built many successful websites for clients in this price range. View our portfolio.
Great: Anything over $10,000 will be a super-customized website specifically branded to your business and brand. We also take on these types of projects at The Chase Design.
Social Media
Inexpensive: Hire an intern or a college student.
Good: Between $1,500 and $2,500 for a small agency. The Chase Design can help with this type of promotions. Contact us for more info.
Great: More than $4,000. The price is based on number of platforms, listening software, amount of real-time interaction and PR integration.
Advertising
Inexpensive: Tell your friends and word of mouth.
Good: Some social media marketing (between $300 and $500 a month) along with targeted ads on relevant websites, which is around $500 a month.
Great: Full social, outdoor, print, digital, pay-per-click will set you back at least $3,000.
Content
Inexpensive: Hire an intern.
Good: A freelancer platform like Odesk.com, where you can name your own price.
Great: An Agency like The Chase Design – content usually runs $250 and $1,000 per piece depending on word count and graphics.
Events
Inexpensive: Go to networking events and get your name out there.
Good: Cross-market with other brands in the same industry who have the same target audience.
Great: Full events strategy. For production teams, small event start at around $5,000 and can reach into the millions.
All-in-all there are many ways to budget your marketing efforts so that you don’t sink your business. The ones listed above are essential in today’s marketplace and are super important to utilize correctly and confidently.
