One of the first reactions that many businesses have to reduced operations is to reduce their own costs. While there isn’t anything wrong with this strategy, per se, it is important that you don’t set your business back further by limiting its marketing. Let’s explore why this is.
“Marketing… how hard could it be, right?”
This is the position that many business owners take when they decide that it is time to market their services. They figure if they just have a website, a few social media accounts, and keep their doors unlocked during business hours, they’ll be set. Unfortunately for these business owners, they don’t have someone to show them the right way of marketing - having a plan.
While we may be skewed a little in favor of marketing, we understand that there are other business considerations that you have, all of which require the backing of some dead presidents. Of course, chances are that you only have so much money to commit to your business, so it helps to have an idea of how much you’ll need when it comes time to divvy it all up. Well, we aren’t accountants, but we know a thing or two about money where marketing is concerned - namely, how much you should probably be spending on it.
There are many benefits to creating a marketing plan before you launch an initiative. A plan serves as an invaluable tool for thought organization and helps establish a course of action for the company to follow. What’s more, it provides you with valuable insights and knowledge to draw from as you design your campaign, starting with an improved perspective of your market.
Marketing your business is one of the most crucial factors to its success. Unfortunately, it can also be one of the most expensive. To avoid this, you must plan a budget for your marketing initiatives. What follows is a step-by-step guide to crafting a budget that best fits your needs as a company.
Part 4 of 7 - Determining Your Facebook Advertising Budget [Series]
In the first part of this series, you may remember us discussing the affordability Facebook offers businesses. In fact, that is one of the many reasons Facebook advertising has become so successful. Any budget can be supported, but how far can your budget take you?