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How to calculate your Marketing Budget

 

 

Marketing Budget calculationIf you own a business you must ask yourself this question. But how to answer it?

My well meaning colleagues will often say that it is simple. Just take about 10% of your sales and woala! You got your marketing budget.

Well, if you are a good businessman this might seem  a bit too simple for you. And you are right.

Good calculation should include much more. What if you own a store in a Shopping Mall? You will be paying high rent for that store and that is justified by providing you a customer traffic right in front of your store. So you might be getting lots of customers just by being there. Or if you own a franchise of some kind and your  management spends marketing and advertising money, should you still spend the same?
the answer is no. You should tailor your marketing budget to your business and there is no silver bullet answer to marketing budget question.

There is no sure fire formula for the marketing budget, so do yourself a favor and contact us. We will help you with your marketing budget and you will feel relieved that you have the right money allocated for marketing of your local small business.

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