Allocating a Marketing Budget For Business

A very common question posed by business owners who are considering a viable marketing budget often ask: How much does should it cost to market my business?

Your Business Type Matters

Consider the business owner who is approaching a grand opening and wants to attract customers in a big-bang fashion.  Or consider the business owner who has been marketing for many years, using the same media source that has worked well over the years, but knows more is needed. Both are great examples of business owners who realize the full potential of marketing and the great rewards that come with a successful balance of media. The biggest factor for each decision maker is ultimately; what is the cost of marketing, and how will it make the most impact on ROI?

Important Factors to Consider

There are handful important factors to consider when allocating a marketing budget. First step is to allocate a percentage of projected annual sales; 5-15% is common, and is important to see what your competition is doing to keep up or even up your game. Second, your geographic location plays a role and costs are typically higher in metro areas vs. rural areas, as media in those markets will typically hit a larger population.  Third, your media selection is a major factor in the costs. If you have a small business, certain media can be costly (production and media placement) and your budget could be better spent elsewhere, where it can be more targeted. Lastly, there are free alternatives that can be effective, but require effort and some creativity. Examples could include a ribbon cutting ceremony to gain free coverage in a newspaper or by participating in community events which helps generate word-of-mouth.

Plan on it!

Simply put, businesses need marketing to thrive in today’s economy. Budgeting and planning based on projected annual sales is a fundamental key to success. A strategic, long-term plan is effective and best-spent when hiring a full-service marketing firm who is familiar with various media options and how to strategize for a variety of markets and businesses. Make the most out of your budget and contact Epic Marketing today!

 

 

In the digital age, it can be easy to forget past marketing methods. Navigating through the complex and intricate marketplace, it’s clear that technology plays an increasingly significant role in marketing strategies and campaigns. However, between mobile, digital, and social media channels, traditional marketing still exists. Similar to other aspects of life, digital marketing has irrevocably changed the consumer marketplace, and marketing professionals have been forced to adapt by integrating digital marketing with their traditional marketing tactics.

Advantages of Traditional Marketing

Traditional marketing has been around for much longer than digital. Not only is it more trusted by consumers, but they are also more accustomed to it. Your customers reach expands way past online, and so should your advertising. From magazines and newspapers, to radio and TV, there are several effective facets of traditional marketing. In fact, television is still the number one media choice by American consumers. Furthermore, traditional marketing can be extremely beneficial in boosting your bottom line.  While younger generations might look for news and ads online, it’s clear they are not abandoning traditional media altogether.

 

Integrating Traditional & Digital

Although Traditional marketing is not dead, it is facing a great deal of competition from the world of digital marketing. Integrating digital and traditional has been proven to reap more benefits than a one-dimensional approach. As a full-service agency, Epic Marketing has a well-rounded team to create the right package of services for each client. From print, radio and television ads, media placement and creative design to branding and digital marketing, we adapt comprehensive marketing solutions to each scenario for strategic, cost-effective and concrete results.