For businesses, it is important to have a marketing plan and a marketing budget set in place. Allison Rice, Small Business Know-How, provides advice on creating a budget that goes along with your marketing plan. Below are three steps to take to get to the right budget number:
1. Tally up what you spent on marketing over the last 2-3 years
2. Over the last 2-3 years, what percentage of your gross revenue was spent on marketing?
3. How does that number jive with you?
It is suggested that between 5-10 percent of your gross revenue goes to marketing.