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How Much Should You Spend On Marketing for Your Small Business?
There is no one answer to this question because the amount of money you need to spend to market your small business depends on your business and industry.
It’s hard to know how much to spend on marketing for a small business, especially if you don’t know what options are out there. In this article, we’ll look at the most common ways for small businesses to market themselves and give you an idea of how much they cost.
Your plan is the first step. It doesn’t make sense to try to achieve a goal if you don’t have one. Forbes suggests putting the following things in your marketing plan:
- Marketing’s aims and goals.
- Define Your Target Audience.
- Find out about your competitors.
- Set up your channels for marketing.
- Look into marketing strategies.
- Make a plan for your marketing.
- Develop Your Timeline and Budget.
A common rule of thumb is that B2B companies should spend between 2% and 5% of their income on marketing. Most of the time, the number is between 5 and 10% for B2C companies. This is because most B2C companies need to spend money on more marketing channels to reach different types of customers.
