1. Provides a Sense of Direction.
Most small business owners have no clue how much they should be spending on advertising, and therefore, they avoid creating a marketing budget at all. The U.S. Small Business Administration recommends spending 7-8% of your gross revenue for marketing and advertising. Creating the perfect marketing budget right off the bat is nearly impossible. You will need to be flexible and fluctuate your budget as your revenue changes.
2. Allocates Scarce Financial Resources Effectively.
If you throw all your money at product development, you may end up with a great product that just sits there because no one knows about it. On the other hand, if you spend too much on marketing and not enough on developing a great product, people may become disappointed in your business or brand. There needs to be a balance and having a budget can help you achieve that happy medium.
3. Encourages Coordination with Other Departments.
In order for a product to be successful, it's important that the product development department coordinates with the sales and marketing departments. Unfortunately, products don't sell themselves. By having a marketing plan in place, everyone knows where and how money can be spent to effectively market any new products or services. Any good business works like a puzzle, you have to have all the right pieces to get the big picture.
4. Provides a Basis for Assessing Actual Results.
It is important to constantly evaluate your spending, assess what your competitors are doing, look at previous years' results and then go from there. Just because you have a plan in place, doesn't mean you have to follow it to a T. Do what works best for your business. If you're not seeing results from one form of marketing, try spending more on something that is providing you with results that match your business goals.
5. Creates a Recipe for Success!
Without having some sort of marketing budget in place, you're taking the risk of making impulse marketing decisions that don’t generate the results you’re looking for. By starting to plan how you'll spend next year's marketing dollars now, you'll be setting yourself up for success!
Add ProDezigns to Your 2016 Marketing Plan
When you're setting up that marketing budget and allocating money to different advertising venues, keep ProDezigns' custom vehicle wraps, wall wraps or floor graphics in mind. Vehicle wrap advertising can generate 30,000 to 70,000 daily vehicular impressions, making it more effective than other type of outdoor advertising. Give us a call at 573-392-0500 to get started on your custom graphics today!
If you can drive it, ride it, pull it, fly it, or lift it, we can wrap it!
Pro DeZigns
36 Scrivner Road
Eldon, Missouri 65026
P: (573) 392-0500
F: (573) 392-0094
E-mail: jim@prodezigns.com
