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Do I need a way to develop a clearly integrated marketing and sales funnel?.Are my existing leads converting into sales at high enough percentage?.Would my business benefit from a website with eCommerce capabilities ?.Where and how does my target audience shop?.
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What message am I looking to convey about my business?.It’s okay to talk to yourself, we won’t judge. Start the process by asking yourself a few questions. One of the best ways to develop a realistic budget for your small business is to create a great marketing plan. And in fact, we’ll go right ahead and take all of the hand-wringing out of the question by helping you figure out what, exactly, your marketing budget needs to be to promote growth and to ensure the success of your small business.ĥ Steps for Creating an Effective Marketing Budget Step 1: Ask Good Questions Let’s face it, probably one of the last things you want to hear as a small business owner is the dreaded question, “What’s your budget?” Clearly, we’re not afraid to ask. To accomplish that, you’ll need a clear budget. While it’s pretty easy to understand the importance of marketing as a recipe for success and as a tool for attracting new customers, converting leads, making sales, and gaining the long-term loyalty your clients, it can be tough to quantify your marketing needs in the form of a dollar amount. If your answer is: “I have no idea!” then you’re not alone. The small business sector in America occupies 30-50% of all commercial space, an estimated 20-34 billion square feet.account for 40% of all retail sales and provide jobs for some 8 million people. The 600,000 plus franchised small businesses in the U.S.Small businesses provide 55% of all jobs and 66% of all net new jobs since the 1970s.The small business sector continues to grow rapidly, even while corporate America shrinks.The 28 million small businesses in America account for 54% of all U.S.Figure Out Where You Need To Spend Your Marketing Dollarsīefore we dive in, let’s start by giving a round of applause to small businesses throughout the country. Figure Out How Much You’re Currently SpendingĤ. Here are the 5 steps to creating an effective marketing budget:Ģ. Effective marketing practices and strategies can help your small business increase gross profits by getting the greatest possible ROI. Developing a smart marketing budget not only sets your business on the right path for growth, but it can help align your long-term goals with your short-term objectives. If you’re a small business owner, ready to take your business to the next level, then you’re in the right place.