Marketing Budget Calculator

Marketing
Written By Kasandra Murray

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Author: Kasandra Murray

As the owner of Unlucky Umbrella Studio, Kasandra focuses on the importance of growing marketing and operations together. She has over a decade of experience in management, operations, and marketing. She aims to help businesses resolve critical issues and increase revenue, which leads to happier clients and a better work culture.

 

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How much should I spend on marketing?

We recommend spending no less than 3%-7% of your total revenue on marketing, but depending on your goals, you may consider paying more. If you are spending less, say closer to 3%, then you want to make sure your marketing efforts are focused on prospects further down the customer journey, such as the research stage. Whatever marketing you choose, tracking success and failures is essential to ensure you get the best return on investment (ROI).

Where should I spend my Marketing Dollars?

If you are a business-to-consumer (B2C), we recommend focusing on your target audience through pay-per-click search engine marketing, direct mail, and retargeted ads on social media. If you are a business-to-business (B2B), we recommend focusing on in-person network-centric marketing with additional support through pay-per-click search engine marketing. You can use any combination of marketing outlets, but if you are working with a smaller budget, it’s best to focus on marketing that gets in front of your target audience as quickly as possible.

Where can you market your business?

There are plenty of different mediums you can choose from for your business. We’ve listed off a few popular with some details regarding pricing, pros, and cons.

    • Cost: $

    • Pros:

      • Great for B2C

      • Can target based on some demographics

      • Easily Trackable

      • Only pay for people who interact

    • Cons:

      • Not necessarily ideal for B2B

      • If not setup for retargeting you could be advertising to wrong people

      • Requires regular maintenance

  • Note: If you haven’t already, create a Google Business Profile - it’s free!

    • Cost: $$

    • Pros:

      • Great for B2C

      • Can target based on some demographics

      • Easily Trackable

      • Only pay for people who interact

    • Cons:

      • Not necessarily ideal for B2B

      • Requires regular maintenance

    • Cost: $$ - $$$$$

    • Pros:

      • Great for B2C

      • Can get highly targeted with demographics

      • Trackable with phone tracking and UTMs

    • Cons:

      • Not necessarily ideal for B2B

      • Cost up front with no guarantee of success

    • Cost: $$$

    • Pros:

      • Great for B2C or B2B

      • Trackable with phone tracking and UTMs

      • Great for building brand awareness

    • Cons:

      • Audience is less targeted

      • Often advertising with multiple competitors in same magazine

    • Cost: $$ - $$$$$

    • Pros:

      • Great for B2B

      • Builds your business reputation through referrals

    • Cons:

      • Time consuming

      • Requires a person comfortable talking with strangers on a regular basis

    • Cost: $$$$$

    • Pros:

      • Great for B2C

      • Great for building brand awareness

    • Cons:

      • Harder to track success

      • Audience is less targeted

      • Higher cost barrier of entry

    • Cost: $$$$$

    • Pros:

      • Great for B2C

      • Can target based on some demographics

      • Great for building brand awareness

    • Cons:

      • Harder to track success

      • Higher cost barrier of entry

Kasandra Murray https://www.unluckyumbrella.com
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