When it comes to marketing every firm has a budget. Essentially, for any business owner the bottom line is the same; spend less money but receive equally impactful results.
When it comes to developing a marketing budget that brings strong results, business owners should expect to spend a good percentage of their revenue as a primary source of investment for their campaigns. In fact, based on statistics, it is estimated that for a business seeking to grow at a steady and healthy rate of 20% that business would have to roughly spend 8%-14% of its total annual revenue. Knowing this can be a huge benefit in regards to estimating how much to plan for a yearly marketing budget for an established or start up firm.
The following article will focus on how to constitute and develop a marketing budget that pays dividends to a company’s marketing goals.