How much should you budget for marketing?

This is one of those questions that business owners wonder about, but aren't sure who to ask.  And yes, you should have marketing in your budget.  It's not a "wait until a good opportunity comes along" sort of thing.

If you budget for marketing and create an actual plan - you are 95% more likely to:

• Actually market consistently
• Spend to your budget, rather than impulse shop
• Track and measure success of marketing efforts
• Be consistent in your message and delivery

So back to...how much should you spend?  A good rule of thumb is at minimum of 4-7% of your gross sales. Some marketers recommend as much as 10%.  There are many variables, like the maturity of your business, percentage of repeat business and the lifetime value of a client.  (We'll talk about how to figure that out soon!)

But if you'd like to get some specific, every industry has a typical percentage of sales that is generally used for advertising and marketing expenditure projections. 

Why not reach out to your industry trade and professional groups?  They should be able to give you the specifics in your field.