The solution? Plan your marketing budget for the year, then spend it
As a rule of thumb, many experts suggest spending 8-10% of your annual
budget on marketing.
This is helpful, but it's also important to ask yourself about your
marketing goals as they relate to your company's overall exposure and
For example, if you're a new company, your budget
should be larger than 10% of your expected annual revenue to
accommodate the need for basic start-up materials, such as a logo,
website, business cards, business stationery and marketing collateral.
If you have an established company with a strong client base,
perhaps you'll plan your budget with the objective of staying in front
of your audiences through primarily advertising efforts.
Finally, if your company is going through a transition or is ready to
refresh your marketing materials,
you should plan to spend a little more to re-communicate your brand
through a logo refresh, website makeover, and updated marketing
collateral. Don't forget a roll-out advertising campaign to let your
clients know how you're changing!
Wherever your business falls on this continuum, know that your
marketing budget will need to encompass a range of products and
services, including many of the following:
marketing consultation, planning,
or market research
graphic design services
Confused about what you may need? Get suggestions from your agency.
They've likely worked with companies of many sizes, and can help you
prioritize your marketing needs based on experience, and even give you
ballpark estimates of costs. Better yet, if you know your budget,
enlist your agency to help you spend it strategically. They can help
you determine where it makes sense to cut costs and where it may make
sense to spend a little more.
Here are a few more resources to consider when planning your company's marketing